The yield on Ghana’s $750 million Eurobonds rose to the highest in more than three months, as uncertainty surrounding the future of euro zone reduced demand for assets seen by investors as risky.
Interest on the 8.5 percent dollar bonds due 2017 rose 11 basis points to 6.338 percent by 4:13 p.m. in London, the highest since Feb. 17, according to data compiled by Bloomberg.
“Uncertainty surrounding the future of the euro zone has increased risk aversion in the global markets, including emerging/frontier markets,” Samir Gadio, an emerging markets strategist at Standard Bank Plc in London, said in an e-mailed note today.
“Investors are selling emerging-market and frontier-market assets and shifting to the U.S. dollar and U.S. Treasuries because of the uncertain global environment,” he said.
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