Kenya May Scrap $1 Billion Eurobond Plan on Global Yields
- Treasury had planned to issue new Eurobond this fiscal year
- Kenya’s debt at high risk of distress, according to IMF
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Kenya is considering scrapping a plan to sell $1 billion of Eurobonds by the end of June because rising yields globally will make the borrowing expensive.
“The international capital market conditions are unfavorable with elevated yields on traded securities and there is a likelihood of not issuing a Eurobond in the current fiscal year,” the National Treasury said in a document on its website. It removed the report from the website following Bloomberg’s queries saying it was an internal document.