Sh251bn Eurobond repayment headache

Treasury Cabinet Secretary Njuguna Ndung’u faces a headache over how to repay Kenya’s debut Eurobond that comes due in June 2024, with his options being limited by high global interest rates and the country's shrinking dollar reserves.

Kenya is due to fork out more than $2 billion (Sh251 billion) to investors in a bullet payment to retire the 10-year sovereign bond whose issuance in 2014 signalled the Jubilee administration’s turn to commercial debt to fund the budget.