IFC bond 'to raise investment interest'
The International Finance Corporation (IFC) is to launch a bond worth 3 billion Kenyan shillings (€28.9 million) after winning regulatory approval from the Capital Markets Authority (CMA).It will be listed on the Nairobi Stock Exchange and be open to both domestic and overseas investors, Capital Business reports.
Chief Executive Officer of the CMA Stella Kilonzo was quoted by the news source as saying the new bond - which is expected to mature in September 2015 - will be popular with investors across the region.
"Given the profile of IFC we expect increased foreigner appetite for the bond, which should also serve as a benchmark for future issues in the Kenyan market," she remarked.
It is hoped the development will provide encouragement for other bond issuers, as well as raise the profile of Kenya's capital markets.
The IFC, which is a member of the World Bank Group, provides investment to the private sector in developing countries and mobilises capital across the international finance markets.