A government of Ghana and transaction source has disclosed that the country has sold $2 billion worth of dual-tranche Eurobonds with 10- and 30-year maturities on Thursday and it will pay issuer-desired yields.

According to Reuters, Ghana sold $1 billion each of the 10-year notes maturing in 2029 and a 30-year which will mature in 2049 at 7.625 percent and 8.625 percent, respectively.

It set guidance for the May 2029 bond at 7.75 percent to 7.875 percent while the May 2049 was in the 8.75 percent to 8.875 percent range. The notes were first marketed in the low 8 percent area yield and low 9 percent mark.

READ ALSO: Dr Bawumia launches Mobile Money payment interoperability system

Total books passed $5.5 billion, evenly split between the two tranches, lead advisers said.

A sovereign debt marketer watch told Reuters “It’s a marked success for Accra because they got a low yield and a bigger size. The pricing revision may have aided the deal and left investors unhappy.”

Lead advisers for the sale were Bank of America Merrill Lynch, Citigroup, JP Morgan and Standard Chartered. Ghana is rated B3/B-/B

READ ALSO: Supreme Court adjourns Eurobond case against Ofori-Atta

The government plans to use some of the proceeds to refinance debt and up to $750 million as revenue for its 2018 budget.

The Thursday sale by Ghana followed similar big transactions by continental peers Angola, Kenya, and Nigeria.