Kenya seeks proposals for issuance of Ksh.254T Eurobond -source


Kenya seeks proposals for issuance of Ksh.254T Eurobond -source

Kenya is engaging with lenders over a plan to issue a $2.5 billion (Ksh.253.9trillion) Eurobond denominated either in Euros or dollars, a banking source said on Wednesday.

“They want to assess whether it would be cheaper to borrow in Euros or dollars. A number of banks submitted their interest last week, their technical capabilities,” the source told Reuters.

Kenya’s finance ministry later confirmed that it had sought proposals from banks and firms to provide lead manager services for the issuance of a new Eurobond.

Proceeds from the Eurobond sale, whose amount will be determined at a later date, will be used to fund the 2018/19 (July-June) budget deficit, the ministry said in a response to questions by Reuters, without offering more details.

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