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Falling interest rates offer reprieve for big corporates
This year, CBK has cumulatively lowered the CBR by 1.75 percentage points to 11.25 percent on the back of cooling inflation and stabilised exchange rate.
In 2017 and 2018, Sanlam Kenya tapped two two-year loans worth $27 million (Sh3.5 billion) to, among other things, recapitalise the insurance businesses and finance completion of its office complex along Waiyaki Way.
The two facilities were from Sanlam Capital Markets Property Limited. When they were about to mature, Sanlam Kenya settled them using a Sh3 billion loan from Stanbic Bank Kenya, effectively refinancing the debt. The bank loan was now due in February 2021.
