Kenya begins marketing five and 10-year US dollar bond deal

Mon Jun 16, 2014 4:36am EDT

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LONDON, June 16 (IFR) - The Republic of Kenya, rated B+ by Standard & Poor's and Fitch, has opened books on a benchmark-sized offering of five and 10-year US dollar bonds, according to a source.

The five-year note is being marketed at a low 6% yield, while the 10-year bond is being marketed at a low 7% yield.

Proceeds from the bond transaction, which is today's business, will go towards general budgetary purposes, including the funding of infrastructure projects. They will also go towards repaying a US$600m loan incurred in 2011/12 that matures in August.

Barclays, JP Morgan, Standard Bank and QNB Capital are the banks lead managing the deal, which is being sold through the 144a/Reg S format. (Reporting by Sudip Roy; editing by Helene Durand)

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