June 16, 2014 / 6:31 PM / in 3 years

Kenya launches US$2bn two-part bond

NEW YORK, June 16 (IFR) - The Republic of Kenya, rated B+ by Standard & Poor’s and Fitch, has launched a US$2bn offering of five and 10-year bonds, according to one of the lead managers.

The sovereign has launched a US$500m five-year tranche at a yield of 5.875% and a US$1.5bn 10-year tranche at a yield of 6.875%.

Those final terms came tight to initial price thoughts of low 6% on the five-year tranche and low 7% on the 10-year.

Barclays, JP Morgan, QNB Capital and Standard Bank are the lead arrangers. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)

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