Kenya’s Eurobond Attracts More Than $5 Billion in Orders
- Nation to sell $1.5 billion of seven-year notes at 10.375%
- New eurobonds to finance buyback of notes maturing June
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Kenya’s latest eurobond issue attracted orders in excess of $5 billion as expectations of lower interest rates in the US fueled demand for the high-yielding securities.
The East African nation will accept $1.5 billion of the seven-year debt at 10.375%, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. That’s the highest coupon paid by an African issuer this year.