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
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)