Investors snub Kenya’s Sh41bn Eurobond buyback offer

BDEurobond

The higher refinancing costs for Kenyan Eurobonds mirror a higher burden for taxpayers amid the weakening of the country’s credit risk profile.

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Investors agreed to sell back 64.4 percent of the Sh116.2 billion ($900 million) Eurobond before maturity, leaving Kenya with over Sh41 billion on the table.

The investors have agreed to sell Sh74.8 billion ($579.6 million) worth of Eurobonds to the State at the end of the buyback period, which closed on Monday night.

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