Treasury seeks proposals for Sh206b Eurobond sale
News
By
Bloomberg
| Nov 29, 2017
Kenya’s Government is seeking proposals from banks about a possible $2 billion (Sh206 billion) Eurobond offering in the first quarter of 2018, according to two people familiar with the matter.
The National Treasury asked banks for pitches on how to structure the sale, said the people, who asked not to be identified because they aren’t authorised to speak publicly about the matter.
The deadline for proposals is November 29, they said.
Budget deficit
Kenya’s return to international capital markets would mark its first sale of foreign debt since a debut Eurobond in 2014.
READ MORE
Why oil products' volume rises or drops during transportation
Private equity fund Ascent gets minority share in Dune Packaging
Fertiliser and soil health strategy needed to unlock Africa's agricultural potential
Court orders KPLC to pay firm Sh50 million for trespass
Mudavadi calls for a sustainable approach to soil health
MPs grill firm's bosses over 1,544 extra bags used to package fake fertiliser
Fears of maize seed crisis as floods hit Perkerra irrigation scheme
When is the best time to invest?
Why manufacturers want five-year tax break on SME loans
UK tea giant Lipton to sell 15pc stake to local farmers in deal
The National Treasury is seeking to plug a budget deficit that’s forecast to narrow to 6.4 per cent of gross domestic product in the fiscal year through June, from 8.5 per cent last year.
The Government plans to re-enter the Eurobond market before the end of the current budget year, though a placement is likely from February onward as funds are required for spending purposes, the people said.
Proposals from banks must outline the costs of either a five-to-10-year issue to be repaid in bullet form, or 12- to 15-year securities amortising in the final three years, the people said.
A Government roadshow is expected to start in January, said one of the people.
Treasury Principal Secretary Kamau Thugge didn’t respond to two text messages and four calls to his mobile phone seeking a comment on the matter.
- Court orders KPLC to pay firm Sh50 million for trespass
- Fears of maize seed crisis as floods hit Perkerra irrigation scheme
- UK tea giant Lipton to sell 15pc stake to local farmers in deal
- Fuliza: Kenya eyes Sh160 billion loan from World Bank