Kenya has issued a new Eurobond worth Sh210 billion ($2.1 billion), the country's third in a period of five years.
The loan has been secured following a successful roadshow in the United States and the United Kingdom by National Treasury officials.
The bond has been sold in two tranches of 7 and 12 years with an amortization rate of seven and eight percent respectively.
The issue had an over-subscription of 452 percent having attracted bonds priced at Sh950 billion ($9.5 billion).
“Throughout the roadshow, the investors appreciated and welcomed the strong and resilient economic growth that Kenya has welcomed and the expected growth in 2019,” says National Treasury Cabinet Secretary Henry Rotich.
The government will use the funds to finance a number of key development projects, bridge the deficit in the national budget and service maturing loans.
This is Kenya's third entry in the International Debt Capital Markets following the issuance of bonds priced at Sh200 billion ($2 billion) in June 2014 and another worth Sh200 billion in February 2018.