Kenya Opens $2 Billion Bond-Buyback Offer, Plans New Sale
- Yields on eurobonds maturing in June plunged to 9.96%
- Nation plans to sell new bonds, which will be priced Feb. 12
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Kenya’s eurobonds maturing in June surged after the East African nation offered to buy back its $2 billion of debt and announced plans to sell new securities.
The maximum amount that the government will repurchase will be determined by how much it raises in an offering of new securities that will be priced on Feb. 12, according to a statement issued by the government. The buyback offer — which is at par value and includes payment of accrued interest — closes on Feb. 14, it said.