ANL 33.80 Increased By ▲ 1.05 (3.21%)
ASC 15.13 Increased By ▲ 0.75 (5.22%)
ASL 25.50 No Change ▼ 0.00 (0%)
AVN 95.50 Decreased By ▼ -0.20 (-0.21%)
BOP 9.17 Increased By ▲ 0.02 (0.22%)
BYCO 10.23 Increased By ▲ 0.25 (2.51%)
DGKC 137.50 Increased By ▲ 2.20 (1.63%)
EPCL 51.62 Increased By ▲ 0.37 (0.72%)
FCCL 25.00 Increased By ▲ 0.31 (1.26%)
FFBL 25.45 Increased By ▲ 0.95 (3.88%)
FFL 15.70 Increased By ▲ 0.28 (1.82%)
HASCOL 10.90 Increased By ▲ 0.18 (1.68%)
HUBC 86.75 Increased By ▲ 0.01 (0.01%)
HUMNL 7.10 No Change ▼ 0.00 (0%)
JSCL 27.04 Increased By ▲ 0.45 (1.69%)
KAPCO 40.00 Increased By ▲ 0.80 (2.04%)
KEL 4.15 Increased By ▲ 0.04 (0.97%)
LOTCHEM 14.80 Increased By ▲ 0.08 (0.54%)
MLCF 47.59 Increased By ▲ 0.75 (1.6%)
PAEL 38.30 Increased By ▲ 1.20 (3.23%)
PIBTL 11.91 Increased By ▲ 0.08 (0.68%)
POWER 10.70 Increased By ▲ 0.20 (1.9%)
PPL 90.97 Decreased By ▼ -0.53 (-0.58%)
PRL 27.45 Increased By ▲ 1.63 (6.31%)
PTC 8.81 Decreased By ▼ -0.09 (-1.01%)
SILK 1.40 No Change ▼ 0.00 (0%)
SNGP 43.75 Increased By ▲ 2.68 (6.53%)
TRG 147.70 No Change ▼ 0.00 (0%)
UNITY 31.20 Increased By ▲ 0.72 (2.36%)
WTL 1.52 Decreased By ▼ -0.02 (-1.3%)
BR100 5,016 Increased By ▲ 30.84 (0.62%)
BR30 26,130 Increased By ▲ 297.73 (1.15%)
KSE100 46,158 Increased By ▲ 193.53 (0.42%)
KSE30 19,308 Increased By ▲ 71.8 (0.37%)

NAIROBI: Kenya is ready to issue a new Eurobond and also plans to refinance a maturing 5-year dollar bond, Finance Minister Henry Rotich said on Thursday.

The East African nation made its international capital markets debut in the summer of 2014, issuing 10- and 5-year tranches that were met by huge investor appetite.

It returned for a 10- and 30-year tranches bond in early 2018 before starting talks with lenders at the beginning of this year on the issuance of a further $2.5 billion worth of bonds.

"You can't give details about quantum and all that but certainly we are prepared," Rotich told reporters after giving a speech at an event in the capital Nairobi.

"(With) the Eurobond we want to refinance the maturing debt, which is the five-year which we took in 2014."

Kenya would get better interest rates if it secured a standby credit arrangement with the International Monetary Fund, replacing another one that expired last year, before it goes to the market, analysts say.

Rotich, however, played down that element.

"Discussions are continuous and with (the IMF facility) or without there is no harm," he said, adding he expected a final round of talks with the IMF in the next two weeks or so.

News of the upcoming sale sent Kenya's existing bonds down as much as 1.2 cents, their worst day in more than a month and a half.

"It's the news they are going to refinance the 2024s," said Edwin Gutierrez, head of emerging markets sovereign debt at Aberdeen Standard.

The drop also made the existing bonds the worst performers in sub-Saharan Africa, which was generally struggling after high yield sovereign such as Argentina had a torrid day on Wednesday.

Copyright Reuters, 2019