Kenya’s Treasury said yesterday it has raised about 2 billion U.S. dollars in a new sovereign bond issue listed at the London Stock Exchange (LSE).
To celebrate, Kenyan Cabinet Secretary to the Treasury Henry Rotich was invited to open London trading yesterday morning.
The issuance of the Eurobond, that closed on Wednesday, followed a successful roadshow conducted with international investors, who have expressed a significant level of interest, the Treasury said.
“This issue was seven times oversubscribed. And makes it one of the highest order book for an issue from Africa.
“The successful issuance confirms the continued vibrancy of our economy, and the fact that investors consider Kenya a go-to destination for their investments.” – Kenyan Treasury Statement
A consortium of banks including the Citibank, JPMorgan, Standard Bank and Standard Chartered Bank arranged the bond and according to the Treasury, having the issue listed in the London Stock Exchange further supports the liquidity for the issue.
This is Kenyan’s second Eurobond issue following the first one in 2014, which raised 2.8 billion dollars from international investors.
According to the Treasury, the fact that Kenya received 14 billion dollars in investor appetite reflects the continued support the country receives. It added that the funds will be applied towards the government’s development initiatives including infrastructure as well as liability management.