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Ghana bought back $100m of its outstanding 2017s on Tuesday after postponing a new issue last week which was due to finance a much larger buy-back. Ghana's bonds have since rallied, bringing the country's borrowing costs down substantially, according to a fixed income investor.
Ghana capped the buy-back at $100m after pricing disagreements, as well as confusion related to a parliamentary vote, led it to pull the new issue on Thursday. The sovereign received valid tenders of $261.5m and accepted just under $100m....