Kenya Mortgage Refinance Starts Selling First KSh1.4 Bn Bond at 12.5%

KMRC was established two years ago to support the Affordable Housing Pillar of the Government’s Big Four Agenda. It received an operational license from the Central Bank of Kenya (CBK) on September 18, 2020.

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Kenya Mortgage Refinance Company (KMRC) has commenced the sale of its Kshs 10.5 billion medium-term bond programme.

The cash raised will be disbursed to participating primary mortgage lenders (PMLs), for onward lending to mortgagers. 

The note will have a tenor of seven years, with amortization and a fixed rate of 12.5%, KMRC said in a statement. The first KSh1.4 billion tranche will be on sale until Feb. 18.

The note’s allotment will be announced on Feb. 22 before being listed for trading on the Nairobi Securities Exchange on March 14.

“Through this issuance, KMRC seeks to build its profile as a regular issuer of bonds in the Kenyan capital market as we work to raise more long-term capital, thereby refinancing more home loans and making them affordable and accessible for Kenyans,” said KMRC chief executive officer Johnstone Oltetia.

KMRC’s mandate is to provide long term funds to primary mortgage lenders (Banks, Microfinance Banks & Saccos) in order to increase the availability and affordability of home loans to Kenyans.

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