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Bond Market News
Kenya Plans Buyback for $1bn of Dollar Debt
June 6, 2024
Kenya is planning a buyback for $1bn of its 6.875% dollar bond due June 24, according to a report by the World Bank. The African nation has already conducted a buyback earlier this year and the current one will bring the total repurchases this year to ~$2.5bn. The buyback will help smoothen out Kenya’s debt amortization profile. Kenya also plans to issue debt swaps and sustainability-linked bonds as part of managing its debt, the World Bank added. Kenya had priced a $1.5bn 7Y dollar bond earlier this year to refinance its 6.875% 2024s and ease its liquidity constraints.
Kenya’s bonds traded broadly stable with its 6.875% 2024s at 99.99, yielding 6.95%.
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