The government is set to face increased costs for external debt financing after taking up a new $1.5 billion (Sh193.8 billion) Eurobond, whose proceeds are partially earmarked for refinancing an existing, cheaper bond due to mature in February 2028.
The National Treasury said on Friday that the new bond has been issued in two tranches, one with a term of seven and the other 12 years, at interest rates of 7.875 percent and 8.8 percent, respectively.
