This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Kenya is planning a partial buyback of its $2bn 6.875% bond due 2024, as per sources. While the principal secretary of the National Treasury declined to confirm the possible buyback, he said that they were in talks with advisors and reviewing other alternatives. A source mentioned that Kenya may use the $1bn it received from the World Bank alongside a syndicated loan and other funds from development banks and the IMF. Kenya has been under financial stress with forex reserves dropping to $7.5bn, sufficient for just about 4 months of import coverage.
If the buyback happens in the secondary market, it would see Kenya achieve cost savings as the bond currently trades at 95.38 cents on the dollar, yielding 11.9%.
For more details, click here