Kenya has raised $2.1 billion Sh210 (billion) in the new Eurobond that will be repaid in two tranches of 7-year and 12-year tenors, in an issue that was oversubscribed 4.5 times. Both the 7-year and the 12-year tenors will be amortized equally, at $300 million (Sh30 billion) and $400 million (Sh40 billion), respectively, per year in the last three years to maturity in order to avoid a spike in repayments. This is the third time Kenya has been in the International Debt Capital Markets. The first was in June 2014, when it launched the debut bond of Sh200 billion and tapped for a further $750 million, while the second was in February 2018 when a dual-tranche of Sh200 billion was issued (10-year tenor of Sh100 billion and 30-year tenor of a similar amount. The new Eurobond stretches further the country’s public debt to at least Sh5.5 trillion.

Source: The Star May 16, 2019 05:26 UTC