Kenya
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Authorities are making headway in improving finances but pitfalls lie ahead of $2bn maturity in 2024 -
There would still be hurdles and an agreement may even make defaults more likely
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Investors saw William Ruto as the more market-friendly of Kenya’s potential presidents
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Kenya has breathing room with no redemptions due until the summer of 2024
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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.
