Treasury asked to issue bonds in Kenya shillingsThe National Treasury has been advised to issue a bond to international investors denominated in shillings instead of dollars. The Capital Markets Authority (CMA) says issuing a Kenya shilling bond and cross listing it in London and the Nairobi Securities Exchanges would reduce pressure on repayments as well as the amount. In the case of Ghana, the nominal value of its $750 million, 2007 Eurobond was $3.4 billion in 2017. CMA also urged Treasury to opt for a Diaspora bond, or concessional loans that have very low interest rate. Kenya hopes to borrow more to repay a commercial loan from Britain’s Standard Chartered Bank amounting to $766 million (Sh76.6 billion) in March as well as a $750 million (Sh75 billion) five-year Eurobond by June.

Source: Standard Digital February 02, 2019 21:00 UTC