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The Eurobond issuance in Kenya had been in the pipeline for the last seven years. However, everything was just ink and paper until last week when the Government received $2 billion (Sh175.1 billion) in its account with the Central Bank of Kenya (CBK) after it completed the issuance of a 10-year $1.5 billion (Sh131.3 billion) and a five-year $500 million (Sh43.8 billion) Eurobonds on the Irish Stock Exchange market.
The 10-year and five-year bonds, which carry a coupon of 6.875 per cent and 5.875 per cent, respectively, recorded a large order book, with a total subscription exceeding $8 billion (Sh700.2 billion), much more over and above what Kenya sought to raise in the global capital markets.
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