$14 Billion Order Book Shows Investors Still Crave African Bonds

The timing could scarcely have been worse.

When Kenya started a series of meetings with some of the world’s biggest bond investors in the U.S. and London last week, it was in the midst of a political crisis. On the day the roadshow started, Moody’s Investors Service downgraded the nation’s credit, and then the International Monetary Fund divulged that the government had lost access to an emergency $1.5 billion facility after missing fiscal targets.