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Bond Market News
Kenya Considering Tapping Bond Markets To Refinance June 2024s
January 31, 2024
Kenya is considering tapping the bond markets to refinance its $2bn 6.875% dollar bond maturity that falls due in June, according to its President William Ruto. The country is exploring several options like early partial redemption, raising funds from international organizations such as the IMF and World Bank to refinance its dollar debt which amounts to $3.5bn in the current fiscal year. The President added that the amount for early partial redemption of the bond is yet to be determined. Earlier, Moody’s had warned of possible downgrade if the country proceeds with early partial redemption of the bond. In addition, Kenya has already received about $384mn in a syndicated facility from the Trade & Development Bank, a $685mn disbursement under an IMF program and is also in talks for $1bn from China and more from other bilateral lenders.
Its 6.875% 2024s traded stable at 97.5 cents on the dollar, yielding 13.4%.
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