CfC Stanbic Bank bond oversubscribed as investors snap up latest issue

NAIROBI, KENYA:  CfC Stanbic Bank’s Ksh4 billion subordinated and unsecured Tier II fixed rate bond, was oversubscribed by 27 per cent. This was the first tranche of the Bank’s Sh5 billion multi-currency medium term note programme which also allows for the issue of credit-linked notes. 

The 7-year bond jointly arranged by the CfC Stanbic Bank and SBG Securities, raised Sh5.08 billion with fund managers taking 88 per cent of the notes. Insurance companies and retail investors received 9 per cent and 3 per cent respectively.