Ghana agreed to terms to swap about $4 billion of domestic debt, taking another step toward meeting its obligations under an International Monetary Fund bailout.

The results imply Ghana achieved about 95% success under the latest three debt exchange deals.

Pension funds agreed to exchange 29.6 billion cedis ($2.6 billion) out of 31 billion cedis of existing bonds for two new notes maturing in 2027 and 2028. The new instruments pay a total 21% coupon, compared with an average rate of 18.5% on the old holdings, under a special structuring to ensure the retirement funds don’t lose any money.

Source: Bloomberg