This archive report was first published on 17 June 2021.
On June 17, 2021, Kenya made a significant move in the international financial markets by issuing a 12-year Eurobond worth USD 1 billion (Ksh 107B), marking the country's first new Eurobond issue in two years.
The bond was met with overwhelming interest from global investors, with over USD 5.4 billion (Ksh 577.7B) offered in response to the new issue, indicating strong global investor confidence in Kenya's economy and medium-term economic prospects.
Cabinet Secretary for the National Treasury & Planning, Ukur Yatani, noted that the oversubscription was a testament to the market's continued confidence in Kenya's Economic Recovery Programme supported by the IMF and aligned with the country's Medium-Term Debt Management Strategy approved by Parliament.
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, for the opportunity to work with the Government of Kenya.
