Gov't likely to settle on Citi bank and Barclays as managers for 2nd Eurobond bond

Government of Ghana is expected to settle on Citi Bank and Barclays PLC as lead managers for the country's second Eurobond.

Joy Business has gathered the two institutions have been shortlisted for government's approval.

Sources say other international banks that expressed interest in managing the bond issue were JP Morgan, PNB Paribas, Standard Chartered Bank and Stanbic Bank.

Joy Business has gathered the committee that supervised the applications from the banks recommended Citi Bank and Barclays PLC after a rigorous scrutiny on their quotations.

A source close to Citi Bank has told Joy Business they are excited to be selected and hope to bring their international expertise to bear in making the bond issue a successful one.

Ghana is set to turn to the international capital market in July this year to raise $1 billion.

Proceeds from the bond would be used to finance some infrastructure projects and clear some debts that are maturing.

Citi Bank managed the country's first Eurobond in 2007 which raised $750 million for infrastructure projects.