Bullish US$ 2017 Global Bond View Playing Out

Our bullish view on Ghana's US$ 2017 global bond is playing out really well. Since we initiated a position in our mock portfolio on April 17, the yield has declined by 316 basis points to 11.45%. As expected, recent confirmation that Ghana will receive a US$535mn loan from the World Bank boosted sentiment for the instrument. We still like the bond, as it offers exposure to the forthcoming improvement in Ghana's macroeconomic fundamentals, and target 10.0% over the medium term.

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