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Bond Market News
Kenya Announces Tender Offer Results for 2024s
February 16, 2024
Kenya announced the tender offer results for its 6.875% June 2024s. According to the press release, the maximum accepted principal amount for the notes was revised upward to $1.44bn from $1.4bn announced earlier. It received $1.48bn in the tender offer which expired on February 14. The notes are being repurchased at par along with payment of accrued interest, and the settlement date is expected to be 21 February 2024. The African nation had announced the tender offer last week and it priced a new 7Y dollar bond at 10.375% on February 12.
It’s 6.875% 2024s moved closer to par to trade at 99.4 cents on the dollar, yielding 8.44%
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