NAIROBI (Xinhua) --
Kenya’s Treasury said Thursday it raised about 2 billion U.S.
dollars in a new sovereign bond issue listed at the London Stock
The Treasury said
the issuance of the Eurobond that closed on Wednesday follows a
successful roadshow conducted with international investors, who
have expressed a significant level of interest.
“This issue was
seven times oversubscribed. And makes it one of the highest
order book for an issue from Africa,” it said in a statement.
issuance confirms the continued vibrancy of our economy, and the
fact that investors consider Kenya a go-to destination for their
investments,” it said.
The bond was
arranged by a consortium of banks including the Citibank,
JPMorgan, Standard Bank and Standard Chartered Bank.
According to the
Treasury, having the issue listed in the London Stock Exchange
further supports the liquidity for the issue.
“We have seen
significant investment to our growing economy from global
corporations and investors and this listing provides yet a
further avenue for investors to participate in our story,” it
The East African
nation has now issued two Eurobond after the first one in 2014,
which raised 2.8 billion dollars from international investors.
The Treasury said
that the fact that Kenya received 14 billion dollars in investor
appetite reflected the continued support the country receives.
“We now have a
dollar yield curve stretching out to 30 years, making Kenya one
of only a handful of governments in Africa to achieve this,” the
It said that the
funds will be applied towards the government’s development
initiatives including infrastructure as well as liability
say Kenya is currently facing an impending payment of the first
part of a Eurobond amounting to 774.8 million dollars in 2018.
and strategic consulting firm, Control Risks identifies Kenya’s
current debt as a potential deadlock to potential investments in
“The reality is that
debt at the moment is sustainable based on what we see going on
in the economy but there isn’t room to do much more,” Control
Risks Associate Director Patrick Matu said in Nairobi.