Serrari Group

Kenya has successfully priced a $1.5 billion Eurobond with a 9.75% interest rate, due in 2031. Treasury CS Njuguna Ndung’u hailed the issuance as a crucial step in the nation’s financial planning.

Investor demand exceeded $6 billion, allowing Kenya to secure favorable pricing and increase the issuance volume beyond initial expectations.

Proceeds will be used to buy back $2 billion Eurobonds due in 2024, subject to demand in the Tender Offer, with results expected by February 15, 2024. Any remaining portion of the 2024 Eurobond will be retired through a mix of financing options.

This strategic move aligns with the government’s goal to optimize debt maturity and manage fiscal liabilities for sustainable economic growth.

The successful issuance reflects confidence in Kenya’s economic fundamentals and its debt management strategies. It underscores the importance of international capital markets in providing liquidity for national development.

President William Ruto’s administration reaffirmed its commitment to prudent financial management and thanked partners for their support.

Overall, the Eurobond issuance strengthens Kenya’s fiscal stability and sets a positive outlook for economic growth.
By: Montel Kamau
Serrari Financial Analyst
14th February, 2024

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