Quantum Terminals Group (QTG) celebrated the listing of a corporate bond on London Stock Exchange’s International Securities Market, by opening trading in London this morning. They were joined by The Right Honourable Harriett Baldwin, MP, Minister of State for Africa and International Development, His Excellency Papa Owusu-Ankomah, Ghana’s High Commissioner to the United Kingdom and Ireland and Emmanuel Egyei-Mensah, Executive Director of Quantum Terminals Group. QTG is a leading energy infrastructure developer in Ghana.
The GHS 45 million (USD 10 million) corporate bond QTG bond is the first local currency corporate bond from Ghana and West Africa to list on London Stock Exchange. The bond is guaranteed by GuarantCo, to support the operations of its liquid petroleum gas (LPG) storage business.
In May 2018, the bond was listed on the Ghanaian Stock Exchange as the first corporate and first 10-year tenor bond issued by a non-financial institution on the Ghana Fixed Income Market. The bond has a 75 percent partial credit guarantee from GuarantCo, the guarantee arm of the Private Infrastructure Development Group (PIDG), for the benefit of local pension fund investors that have subscribed to the issue. This is the first tranche of a planned GHS 140 million bond programme by QTG.
The bond’s innovative nature and ability to strengthen capital markets in Ghana is in line with GuarantCo’s vision to support local currency financing for infrastructure projects in lower income countries to assist with the alleviation of poverty. This bond issuance is expected to have significant demonstrative effect in Ghana.