Kenya's Chase Bank to issue Sh10 billion multi-currency bond

Kenyan mid-sized lender Chase Bank said on Wednesday it would issue a medium-term, multi-currency bond worth up to 10 billion shillings ($103 million) to support its on-going expansion plans and strengthen the capital base.

Chase said in a statement it had already secured the necessary regulatory approval to issue the notes and to list them on the Nairobi Securities Exchange. Medium-Term Notes typically have maturities of between two to seven years.

The first tranche of the issue will come this year, aiming to raise 3 billion shillings with the possibility of taking on an extra 2 billion shillings in case of higher demand, Chase said.

The bond's proceeds would also be used to improve the bank's information technology, new products and lending, the bank said.