Kenya Raises $1 Billion in Oversubscribed Eurobond Sale
- East African nation sells first Eurobond in two years
- Bond sale received more than $5.4 billion in subscriptions
Commercial high-rise office buildings in Nairobi.
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Kenya raised $1 billion in its first Eurobond sale in two years as the East African nation balances between the need to fund its economic recovery and lower its debt burden.
The 12-year bonds, priced to yield 6.3%, received more than $5.4 billion in orders following a three-day virtual roadshow, the National Treasury said Thursday in a statement on its Twitter account. “The oversubscription was a sign of strong global investor confidence on Kenya’s economy and medium-term economic prospects,” Treasury Secretary Ukur Yatani said in the statement.