Kenya to implement Eurobond sale plans

Jun 30, 2011

The Kenyan Government is to begin plans to issue a Eurobond worth Sh45 billion (€345 million) in a bid to generate funds and boost its credit rating.

It intends to launch the issue in 2012 and hopes to have identified partners by the start of next year, Business Daily reports.

Director of Debt Management at the country's Treasury John Murugu was quoted by the news source as saying the timetable is still subject to change, as the launch of the bond is "only tentative" at this stage.

He explained that Kenya will seek new credit ratings from Standard & Poor's and Fitch in the coming weeks.

"July is the month we start the credit rating before we start the rest of the preparation later in the year or by January next year," he said.

Last November, Standard & Poor’s raised Kenya's credit rating to B+ with a stable outlook, increasing it by one notch.