Kenya
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Sovereign pays zero new issue premium as books for 10 year deal top $4.9bn -
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East African sovereign could print $1bn-$1.5bn, depending on demand for the tender
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Emerging market governments have to placate the markets and their citizens
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Egypt and Tunisia are in a stickier state than Kenya but investors expect them to survive near-term
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East African sovereign gets to grips with debt management with new issue that yielded 10.375% at reoffer
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Investors are happy Kenya is preparing for its upcoming $2bn maturity
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Investors had been worrying Kenya could default on $2bn bond
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Sirima will stay till June when major bond needs repaying
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Sovereigns have managed to source other financing while bond markets have closed to them
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Many of the region’s states that have market access feel little need to issue new bonds
