Government’s Issuance Calendar for January to March 2022

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BANK OF GHANA

NOTICE TO PRIMARY DEALERS, BANKS, STOCKBROKERS

AND THE GENERAL PUBLIC

NOTICE NO. BG/FMD/2022/03

GOVERNMENT'S ISSUANCE CALENDAR FOR

JANUARY TO MARCH, 2022

1. As part of its efforts to improve market transparency in the issuance of Government securities, Government publishes herewith, the Issuance Calendar for January to March, 2022.
2. The Calendar is developed based on the revised Net Domestic Financing provided in the 2022 Mid-Year Budget, the 2022 domestic maturities, the 2022 Annual Borrowing and Recovery Plan and the Medium Term Debt Strategy. It depicts the securities that are intended to be issued in respect of Government's Public Sector Borrowing Requirements for the period January to March 2022.
3. Government intends to update the Issuance Calendar on a monthly rolling basis, to reflect a full quarter financing programme.
4. In addition, the Calendar takes into consideration Government's liability management programme, market developments (both domestic and international) and the Treasury & Debt Management objective of lengthening the maturity profile of the public debt.
5. Based on the above and current market conditions, Table 1 below, provides a summary of the gross borrowing requirement for the period January to March 2022. The amounts stated in the Calendar are indicative, to guide the market and may be revised when transaction adverts are published.

TABLE 1: ISSUANCE CALENDAR FOR JANUARY TO MARCH, 2022 (GH¢' MILLION)

ISSUANCE CALENDAR (JAN. - MAR. 2022)

Month	91-Day	182-Day	364-Day	2-Year	3-Year	5-Year	6-Year	7-Year	10-Year	Total
Jan-22	3,700.00	850.00	1,100.00		1,650.00		2,000.00			9,300.00
Feb-22	3,800.00	550.00	600.00	1,400.00				1,200.00		7,550.00
Mar-22	3,800.00	1,600.00	450.00			1,000.00			800.00	7,650.00
Total	11,300.00	3,000.00	2,150.00	1,400.00	1,650.00	1,000.00	2,000.00	1,200.00	800.00	24,500.00

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1. For the period in question, Government plans to issue a gross amount of GH¢24,500.00 million, of which GH¢20,714.49 million is to rollover maturities. The remaining GH¢3,785.51 million is fresh issuance to meet Government's financing requirements.
2. Per this calendar, Government aims to build benchmark bonds through the issuance of instruments as follows:
3. 1. the 91-day and 182-day will be issued weekly;
   2. the 364-day bill will be issued bi-weekly also through the primary auction with settlement being the transaction date plus one working day;
   3. securities of 2-year up to 10-year will be issued through the book- building method; and
   4. consistent with the MTDS, Government may announce tap- ins/reopening of other existing instruments depending on market conditions.
4. Government expects that this January to March 2022 Calendar meets the requirements of market participants.
5. Government assures all stakeholders and the general public that it continues to strive for greater predictability and transparency in the domestic bond market.

(SGD.)
SANDRA THOMPSON (MS)
THE SECRETARY	11TH JANUARY 2022