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Kenya Plans to Start The Sale of $149 Million of Five-Year Bonds Tomorrow

Kenya will start the sale of 12 billion shillings of five-year bonds tomorrow, Sterling Investment Bank Ltd. fixed-income trader Fred Moturi said.

“It’s going to be oversubscribed because there are expectations that rates are going up,” he said by phone from Nairobi today. “People are dumping their bonds and then buying new ones in the primary market hoping for a better yield.” He didn’t know when the sale ends.

To contact the reporter on this story: Sarah McGregor in Nairobi at smcgregor5@bloomberg.net

To contact the editor responsible for this story: Ana Monteiro at amonteiro4@bloomberg.net

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