Kenya may sell Eurobond this month after legal hurdles cleared
What you need to know:
A schedule of planned presentations to investors will be announced by next week.
Kenya may sell its debut Eurobond this month after settling two court-awarded payments linked to a corruption scandal that had blocked the offering, National Treasury Cabinet secretary Henry Rotich said.
The Sh1.4 billion ($16 million) payment, awarded by courts in Geneva in 2012 and London in 2013, were made after authorisation by President Uhuru Kenyatta and “we don’t have any other legal hurdles,” Rotich said in an interview Wednesday in the Rwandan capital, Kigali.
A schedule of planned presentations to investors will be announced by next week, he said.
“The roadshow will take four or five days, so we could go to the markets this month,” Rotich said.
Kenya plans to sell $1.5 billion Eurobond to fund infrastructure projects including rail and roads as part of a program to transform the country into a middle-income country by 2030.
The government has also said part of the funds raised will repay a $600 million, two-year syndicated loan that was extended for three months last week.
