Reuters was first to report that Kenya’s government plans to buy back up to a quarter of its $2 billion international bond maturing next year before year-end. The decision comes after the east African country secured new loans, central bank governor Kamau Thugge told Reuters on the sidelines of the World Bank and IMF meetings in Marrakech. The push, seen as a move aimed at alleviating concerns whether Nairobi can repay the looming debt, lifted the 2024 bond rose sharply.
Business & FinanceEconomyGovernment
Kenya plans $500 million Eurobond buyback with new loans
12 October 2023, 5:31 pm 1 minute
Market Impact
Kenya’s approach to repaying the $2 billion 2024 bond is being watched closely by overseas investors, given its rising debt repayments, weakening currency and soaring bond yields, which have locked many developing countries out of international capital markets.
Article Tags
Topics of Interest: Business & FinanceEconomyGovernment
Type: Reuters Best
Sectors: Economy & PolicyFinancial ServicesGovernment & Public Services
Regions: Africa
Countries: Kenya
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
