The government is not guaranteeing the Sh44.79 billion bond, the proceeds of which will be used for the construction of the Talanta Sports City Stadium, taking the shine off from the maiden asset-backed security.
Bondholders will be paid from National Treasury disbursements made to the Sports, Arts and Social Development Fund (SASDF), rather than from the proceeds of the stadium, underlining the crucial role that the exchequer is playing in the deal without giving explicit guarantee.
