Kenya Mortgage Refinance Lists Ksh 8.1 Bn Corporate Bond on NSE

The Kenya Mortgage Refinance Company PLC Monday rang the bell to mark the listing and the commencement of trading of the KMRC Corporate Bond on the Nairobi Securities Exchange (NSE).

KMRC CEO Johnstone Oltetia

Kenya Mortgage Refinance Company PLC (KMRC) on Monday listed its Ksh 8.1 billion Corporate Bond on the Nairobi Securities Exchange (NSE). 

“The response to our inaugural bond issue demonstrates the market’s confidence in the KMRC’s model and strategy and is a statement to the importance of the Company’s mandate to increase homeownership and transform the country’s housing sector,” KMRC’s CEO Johnstone Oltetia said during the bell ringing.

The Company’s first tranche of the Medium-Term Note program was oversubscribed by more than 400 per cent,  worth Ksh 8.114 billion against a target of Ksh 1.4 billion. 

The proceeds raised will enable KMRC to blend its inventory of concessional funds and scale up operations, as it seeks to continue to refinance home loans and make them affordable and within reach for more Kenyans.

Redemptions on the paper will commence in March 2023.

The Capital Markets Authority Chief Executive Officer Wyckliffe Shamiah said the overwhelming market response to the Kenya Mortgage Refinance Company Medium-Term Note Programme signals growing investor confidence. 

“This is a major milestone which positions the capital markets as a source of funding to support productive economic activities such as the delivery of affordable housing, which is one of the pillars of the National Big Four Agenda. It affirms the growing issuer and investor confidence in the bond market.”

KMRC now adds to the list of four (Acorn, Centum, Family Bank, EABL) corporate bond issues that have been rolled out within the last two years.

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