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UPDATE 1-Kenya prices US$2bn two-part bond
June 16, 2014 / 9:52 PM / 3 years ago

UPDATE 1-Kenya prices US$2bn two-part bond

(Adds pricing details, order book size)

NEW YORK, June 16 (IFR) - The Republic of Kenya raised US$2bn through the sale of five- and 10-year bonds Monday after collecting orders worth four times as much, with demand skewed towards the longer-dated portion.

The East African sovereign, rated B+ by Standard & Poor’s and Fitch, printed a US$500m five-year tranche at a yield of 5.875% and a US$1.5bn 10-year portion 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.

Investors placed orders worth USD2.5bn and USD5.5bn respectively for the two notes.

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

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