Kenya’s First Green Bond Underperforms in Dry Corporate Market
- Acorn raises 85% of targeted $50 million for student housing
- Bond is Kenya’s second corporate offering in almost 3 years
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Acorn Project (Two) LLP, a closely held property developer and manager, raised 85% of its note-program target in a debut Kenyan green-bond offering, amid record global issuance of sustainable debt securities.
Acorn received 4.26 billion shillings ($41 million) at a fixed rate of 12.25%, for the $50 million program. The senior secured notes are the first corporate offering since East African Breweries Ltd., the nation’s second-biggest company by market value, raised money in 2017.