Skip to main content

Kenya’s Bid Bond Talks Continue in The US And UK This Week Despite Attempts to Look East

Kenya is about to issue its first international bond, bringing a two-year odyssey to an end amid renewed appetite for emerging- and frontier-market assets—and mounting concerns over a binge of African borrowing. Officials from East Africa’s biggest economy are set to start meeting investors this week about the debut dollar bond sale. BarclaysBARC.LN -0.51%, J.P. Morgan ChaseJPM +0.14%, Standard BankSBK.JO +1.07% and QNB Capital, a unit of Qatar National Bank, are arranging the meetings, which will take place in the U.K. and the U.S.between June 5 and June 13, according to a person familiar with the matter. The Kenyan government hopes to raise about $1.5 billion in its first dollar-denominated bond. If it succeeds, it will be one of the biggest dollar bonds ever sold by an African country. But the sale has been delayed a number of times because of a 10-year-old public-procurement scandal. The Kenyan government recently lost a court case relating to a contested 1990s procurement contract and had to pay $16 million to entities that won the contract—an obstacle it said it needed to clear before issuing a bond. The payment, made in May, caused a furor in Kenya: the parliament didn’t approve it, but President Uhuru Kenyatta went ahead with it by presidential decree. The government needs to issue the bond before the end of this month to cover spending it has already committed to. Investors seem unperturbed. “The timing is really good for Kenya,” said Kevin Daly, a fund manager at Aberdeen Asset Management, which oversees about $541 billion of assets. Demand should be healthy, Mr. Daly said, but for many investors price will be key. “I’m not going to buy this in the 6.5% range. If we’re talking in the low 7%-area, maybe there would be some value,” he added.
Labels:

Comments

Post a Comment

Popular posts from this blog

Inspirational Quotes to Motivate You for Work, Love, and Life

"Be there for others, but never leave yourself behind." — Dodinsky, In the Garden of Thoughts: Be Your Best Self “You are your best thing.” — Toni Morrison, Beloved "Be happy for this moment. This moment in your life." — Omar Khayyam "If you carry joy in your heart, you can heal any moment." — Carlos Santana "If you can dream it, you can do it." — Walt Disney "Do something wonderful, people may imitate it." — Albert Schweitzer "Try to be a rainbow in someone's cloud." — Maya Angelou “Give light, and people will find the way.” — Ella Baker “Keep your face to the sunshine, and you cannot see a shadow.” — Helen Keller “A person without regrets is a nincompoop.” — Mia Farrow “Life is short, and it is here to be lived.” — Kate Winslet “If you risk nothing, then you risk everything.” — Geena Davis “Self-esteem means knowing you are the dream.” — Oprah Winfrey “Everything you can imagine is real.” — Pablo Picasso “Speak your mind...
Post a Comment
Read more

Take care of yourself__"The first wealth is health".

By Strive Masiyiwa  A few weeks ago I went to the doctor. I will tell you what he said about my health at the end, but first read this: Twenty years ago, I arranged to meet a well-known British international businessman who invested a lot in Africa at the time. We agreed to meet for dinner at a leading hotel in London.  After a good meeting, we started to walk out of the restaurant when he suddenly collapsed in the lobby. There was total pandemonium as they rushed to get medical assistance. Being London, an ambulance arrived in minutes. I jumped in the back with him as paramedics wrestled to keep him alive. He had had a heart attack and had to have triple bypass heart surgery. Sadly he died a few weeks later. He hadn't been sick and his sudden death surprised everyone. And yet as I reflected on it, and later discussed it with a doctor friend who knew him, I realized he was very laid back about his health despite having a hectic business life. Even during our dinner...
Post a Comment
Read more