Kenya

Loan bankers have been waiting on tenterhooks for Kenya to reveal a mandate for deals totalling as much as $1bn, with the country’s government having originally been set to make the announcement this week.

The Eastern and Southern African Trade and Development Bank (PTA) lowered the margin on the two year tranche of its $400m refinancing and added a three year clip for the first time.

Kenya Power and Lighting Company signed its $500m loan refinancing last week after extending the deal time to bring in more lenders.

Kenya Power and Lighting Company (KPLC) has completed refinancing on $500m of loans, reducing its costs with the help of a World Bank guarantee.

Standard Bank Kenya (also known as Stanbic CfC) will sign its loan on Thursday, while multilateral African bank AFC has nearly completed its $150m deal.

Kenya Power and Lighting Company (KPLC) launched its $500m loan refinancing on Wednesday after over a year in the making.

Kenya has mandated three banks for a non-deal roadshow and is “expecting” questions around the rumours about alleged misuse of funds from its last Eurobond outing in 2014.

Banks must make their commitments for Standard Bank Kenya’s (Stanbic CfC) $100m loan within a week, according to a lead banker.

Standard Bank Kenya (Stanbic CfC) is paying around 45bp more for its latest loan than when it last issued, less than a year ago.

Kenya’s two year sovereign loan grew from $600 to $750m in syndication, boosted by the lack of syndicated loans elsewhere in Africa this year.

Lead bankers are finalising allocations for Kenya’s $600m sovereign loan and expect it to grow from its initial size.

Kenya will issue its second infrastructure bond next week, said the governor of the Central Bank of Kenya, Patrick Njoroge.