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Bond Market News
Kenya in Talks With Abu Dhabi For $1.5bn Financing
September 26, 2024
Kenya is said to be in talks with Abu Dhabi for $1.5bn loan to help bridge it’s budget-financing gap, according to the sources. The loan will carry an interest rate of about 8.2%, which is lower than prevailing yields for Kenya’s sovereign dollar bonds. Finer details on the package are still in discussion and may change, the sources added. Abu Dhabi had earlier this year provided $35bn aid to Egypt. Kenya is in dire need of funds as it awaits a long-delayed $600mn from the IMF program disbursement. Kenya’s Treasury is walking a financing tightrope after deadly protests forced President William Ruto’s administration to abandon tax measures. As a result of which, Kenya was downgraded by Moody’s, S&P and Fitch, earlier this year.
Kenya’s 9.75% 2031s jumped by 1.4 points to trade at 100.99, yielding 9.51%.
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