- Advertisement -spot_img
34.3 C
HomeWorldKenya gets huge demand for its $1 bln Eurobond offer

Kenya gets huge demand for its $1 bln Eurobond offer

- Advertisement -spot_img

Kenya has received orders just short of $6 billion for its $1 billion Eurobond offering that priced at 6.3 percent, a senior banker at one of the lead managers has said.


 The dollar-denominated bond, whose proceeds will go towards helping the East African nation’s Treasury manage liquidity, has Citi and JPMorgan as joint book-runners, and Kenyan lenders I&M Bank and NCBA Group as co-managers.


Order books have been boosted by general market conditions, as well as investors’ interest in Kenya specifically, the banker said.

 READ ALSO: Army rescue seven kidnapped students of kebbi college, one student dies


 “The FOMC provided a little bit of a headwind, but risk appetite was pretty resilient,” the banker said, referring to the U.S. Federal Reserve’s statement on Wednesday that had been more hawkish than many anticipated.


 “Investors also liked that the issue was limited to $1 billion and that Kenya just struck a deal with the IMF,” the banker added.


In May, Nairobi reached a staff-level agreement with the International Monetary Fund (IMF) on economic policies to conclude the first review of its 38-month extended fund facility and extended credit facility financed programme. The country could receive $410 million in funding as a result.


The bond maturing in January 2034 priced similar to the country’s outstanding 2032 sovereign dollar bond, which currently yields around 6.3 percent.

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img