Kenya sets stage for new Eurobond

National Treasury Henry Rotich. (File, Standard)

NAIROBI, KENYA: Kenyan officials were set to start meeting investors in London and the United States on Thursday as it markets a 12-, 31-year dual-tranche Eurobond, a lead arranger for the issue said.

The East African nation, which made its international capital markets debut in the summer of 2014, has mandated J.P. Morgan and Standard Chartered to lead the new Eurobond issue, said the lead in a statement seen by Reuters on Thursday.

It returned for a 10- and 30-year dual-tranche bond in early 2018 before starting talks with lenders at the beginning of this year on the issuance of a further over Sh252 billion (USD2.5 billion) worth of bonds.

Some of the funds raised from the new issue will be used to refinance a maturing 5-year dollar denominated bond that was issued in June 2014, Henry Rotich, the finance minister, told reporters last month.

Officials at the Treasury did not respond immediately when Reuters sought comment. The new bond will be listed on the Irish and London stock exchanges, the lead arranger said.