Kenya Political News, Analysis and Opinions

Uhuru Goes For 300 Billion Eurobond Sale To Pay Previous Eurobond

Kenya has mandated four banks, including Citigroup Inc and JPMorgan Chase & Co to manage a sale of eurobonds planned within the next two months, according to four people familiar with the plan.

The ministry also chose Standard Chartered Bank Plc and Standard Bank Group’s Kenyan unit, Stanbic Holdings, to help with the sale, said the sources, who asked not to be identified because the appointment has yet to be made public.

The Treasury will seek to raise between $1.5 billion (Sh153 billion) to $3 billion (Sh309 billion) in bonds, with a tenor of up 15 years, according to two of the people. JPMorgan, Citigroup, Standard Chartered, and Stanbic declined to comment.

It is planned that the sale of this Eurobond will be expended in paying off the 241 billion taken about 2 years ago.

In December, the government took off another loan to pay off more loans that were due.

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