Kenya Raises KSh210 Billion in New Eurobond to Pay Debt

The Kenyan Government sold KSh210 billion ($2.1 billion) Eurobond, in tranches of 7- and 12-year tenors, for budgetary allocation and to repay KSh75 billion bond maturing in June.

Kenya National Treasury building

The Kenyan Government sold KSh210 billion ($2.1 billion) Eurobond, in tranches of 7- and 12-year tenors, for budgetary allocation and to repay KSh75 billion bond maturing in June.

The dual tranche bond was oversubscribed more than four times, the finance ministry said on Thursday.

“The issuance of this bond followed extensive engagements and consultations with over 100 investors in the United States of America (Los Angeles, Boston and New York) and in the United Kingdom (London). The roadshows began on 8th May, 2019 and ended on 14th May 2019.” the ministry said in a statement.

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Both the 7-year and the 12-year tenors will be amortized equally, at KSh30 billion and KSh40 billion, respectively.