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Kenya’s priced $2Bn Eurobond attracts bids worth $14 billion
The new development by the East African nation comes amid public outcry on allegations of corruption and mismanagement of public coffers. Recent studies have revealed that the country lost Ksh 608B to corrupt deals.
The Kenyan government has successfully priced a new $2 billion Eurobond issue at the London Stock Exchange, which attracted bids worth $14 billion (KES 1.4 trillion) meant to finance its operations.
This comes despite huge amounts of debts encumbering the country as well as numerous corruption allegations that has engulfed the largest country in the EAC bloc.
“Pleased by the report from CS @HKRotich that we have successfully priced a new $2 billion Eurobond issue at the London Stock Exchange – having attracted bids worth $14 billion (KES 1.4 trillion). This reaffirms the confidence investors have in our economy #EconomyKE,” confirmed Uhuru Kenyatta, Kenya’s President.
The issuance comprises of a 10-year and a 30-year issue, making it one of the few African countries with 30-year international bonds.
“This serves as a confirmation of the longstanding belief that Kenya is a stable economy in which long-term investments are safe,” said the country’s Finance minister, Henry Rotich.