Kenya
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Kenya has breathing room with no redemptions due until the summer of 2024 -
The debutant already has orders for nearly half the $300m target
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Emerging market investors took the US Federal Reserve’s indication on Wednesday that it would hike rates in 2023 in their stride, allowing Kenya to come to the bond market on Thursday.
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The Republic of Kenya will return to international bond markets this week after a two year hiatus. The mandate added to the growing pipeline of sub-Saharan African sovereign trades.
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A number of sub-Saharan African sovereigns are eyeing the Eurobond market, after a year that saw dismally low levels of capital markets issuance from the region. But investors are still on the hunt for yield, market participants say, which can be found in abundance in Africa.
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Negotiations between the International Monetary Fund and some emerging market countries are yielding mixed results. While some sub-Saharan African sovereigns are making progress in their talks, Ukraine's long-running saga to unlock emergency funding has been unsuccessful so far.
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GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.
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Kenya hit screens on Wednesday with a dual tranche bond. Investors said initial price thoughts looked generous and so the leads were able to cut the yield by more than had been expected during execution.
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The Republic of Kenya has released initial price guidance for its latest bond issue, which two emerging markets bond investors deemed generous.
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The hopes of emerging markets participants proved well founded on Wednesday when US Federal Reserve chair Jerome Powell pulled back from the aggressive trajectory of rate hikes previously promised.
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Thirteen emerging market sovereigns will face their first bond market redemptions over the next seven years and, with financing conditions set to become more difficult, market participants are watching them carefully.
