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Kenya has dropped plans to issue offshore bonds this fiscal year, according to its treasury secretary. Instead, Kenya will access loans from multilateral lenders, particularly from the World Bank and IMF in the fiscal year through June, where it has $2bn of offshore notes due. This change of strategy comes on the back of the high cost of dollar debt for Kenya, due to its weak credit ratings, Bloomberg notes. The treasury secretary added that Kenya may look to tap international markets for commercial funding when conditions of global markets improve. Kenya had last issued a eurobond in 2021. Kenya’s President William Ruto had announced earlier this month about making a $300mn payment on its $2bn 6.875% dollar bonds due June 2024.
Kenya’s dollar bonds were flat with its with its 6.875% 2024s at 96.3 cents on the dollar, yielding 13.8%.
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