Published: September 27, 2013
Government sells paper with 11% coupon to back water, transport and energy work.
The Kenyan government has successfully issued a 12-year Kshs20bn (US$230mn) infrastructure bond.
The bond, which was sold with a coupon of 11%, received bids worth Kshs37.7bn, many of which came from offshore investors. The proceeds will part-fund activities in three sectors: water and irrigation, transport and energy.
Kenya’s last 12-year infrastructure bond, a Kshs20bn offering in September 2011, received only Kshs13bn-worth of offers and yielded 16.64%.