Government announces successful pricing of $1.5 billion Eurobond strengthening debt management strategy

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PHOTO: Prof. Njuguna Ndungu , Cabinet Secretary Treasury and Economic Planning 

NAIROBI, Kenya Feb 14...This will armotize in three equal installments in 2029, 2030 and 2031 resulting to weighted average life of 6 years, the 2031 Eurobonds have an issue price of 97.270 percent yielding to 10.375 percent.

Kenya received strong demand, with a high quality order book exceeding $6 billion allowing for tighter pricing and an increased issuance compared to initial guidance 

Eurobonds 2031 proceeds will fund the offer to buy Kenya's existing $2 billion eurobonds due in 2024 pending demand in the tender offer, results are expected on February 15 2024

In addition the combined transaction are crucial parts of government strategy to smoothen maturity profile of 2024 Eurobonds and proactively manage debt liabilities 

The remaining portion of the 2024 Eurobonds not purchased in the tender offer will be funded through a mix of government funds and financing from multilateral and bilateral sources including bank syndication

"This diversified financing approach aims to maintain a relatively low weighted average interest rate in the overall public debt portfolio , ensuring Kenyas debt sustainability over a medium term" reads a statement by National Treasury and Economic Planning.


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