Kenya secures 3rd Eurobond

Eurobond

The government of Kenya has managed to sell a Sh210 billion Eurobond.

This comes in the backdrop of rising concerns over its ability to service its debt burden.

In a statement dated May 15, the National Treasury Cabinet Secretary Henry Rotich said the issuance triggered an overwhelming response from investors leading to an over subscription of 4.5 times.

This is the third Eurobond since 2014 and it will be used to finance the budget and repay Sh75 billion bond due to mature in June.

“The Government of Kenya, acting through the National Treasury and Planning, has successfully priced a new US dollar 2.1 billion, dual-tranche Eurobond of 7-year and 12-year tenors on 15th May 2019 in London, United Kingdom,” reads a statement.

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