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Bond Market News
Kenya Launches Tender Offer for 2024s
February 8, 2024
Kenya’s 6.875% 2024s jumped by 1.7 points after the country launched a tender offer for the bonds. According to the statement released, the buyback offer closes on February 14 and the buyback price is at par value. Kenya has also mandated Citigroup Global Markets and Standard Bank of South Africa as joint book-runners to issue a 7Y dollar bond that will likely price on February 12, according to the sources. The maximum amount that will be repurchased in the buyback will be determined once the new bond is priced. Last month, it was reported that Kenya was considering tapping bond markets to refinance its 2024s.
Kenya’s 7% 2027s also jumped higher by 1.5 points to 93.1 cents on the dollar, yielding 9.5%.
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