Kenya will on Monday tap the international bond market for the first time since 2021 to raise cash to finance a buyback of the 10-year $2 billion (Sh321 billion) Eurobond, a move that has calmed investor jitters over whether the country would afford to repay the debt when it matures in June.
The surprise issuance marks a departure from earlier expectations that the National Treasury would finance the planned buyback using the country’s forex reserves or proceeds from loans from multilateral lenders.
