In June, Kenya shortlisted four international lenders as potential lead arrangers for the planned fifth Eurobond issue. Citigroup and JP Morgan served as joint-lead managers when Kenya raised $1.0 billion through Eurobond in June 2021, with NCBA and I&M banks playing the role of co-lead managers. The five-year paper was repaid partly using the proceeds of another $2.1 billion Eurobond issued in May 2019. For instance, the inaugural Eurobond of $2 billion taken in 2014 will now attract an extra Sh70 billion due to the weak shilling. The dollar was selling at an average of Sh88 by the time Kenya was raising its first-ever Eurobond debt.

Source: The Star November 13, 2023 16:31 UTC