This archive report was first published on 17 June 2021.
The National Treasury has achieved a significant milestone in the international financial markets, raising USD 1 billion through the issuance of a 12-year Eurobond. This achievement comes after a successful 3-day virtual Eurobond Roadshow, which was led by Cabinet Secretary for the National Treasury & Planning, Ukur Yatani.
Published on June 17, 2021, the bond was over-subscribed with investors offering over USD 5.4 billion (Ksh 577.7B) to the new issue, marking the first new Eurobond issue by Kenya in two years.
According to CS Yatani, the oversubscription was a sign of strong global investor confidence in Kenya's economy and medium-term economic prospects. He noted that measures being taken to mitigate the effects of the pandemic to the economy were well received by investors.
Dr. Harun Sirima, the Director General of the Public Debt Management Office, emphasized the need for a cautious approach in contracting commercial borrowing to ensure the country's debt profile remains within a sustainable path.
Michael Mutiga, Managing Director & Corporate Finance Head for Sub-Saharan Africa at Citi, expressed appreciation on behalf of the Joint Lead Managers, Citi and JP Morgan, as well as the Co-Lead Managers, NCBA and I&M banks.
