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Kenya set to float another Eurobond to plug the budget hole left by poor revenue collection

15, Jun 2021

The national treasury has started the process of pursuing investors for the country’s fourth Eurobond to be used to plug the budget hole left by poor revenue collection. The Kenyan government will mandate Citi group and Jp Morgan as joint book-runners and I&M Bank Kenya as well as NCBA group as co-managers. Kenya seeks to raise an unspecified amount of debt through 12 and 15?year notes, having so far borrowed close to sh600 billion by issuing Eurobonds, which are dollar?denominated sovereign bonds. According to the budget policy statement 2021, the treasury intended to raise a sovereign bond of sh123.8 billion in the 2020?21 financial year.

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