From Reuters
Kenya has already received orders worth $3 billion for its debut sovereign bond that seeks to raise $1.5 billion to $2 billion, a senior government source told Reuters on Monday.
The east African nation, which is rated B+ by Standard and Poors, launched its Eurobond roadshow this month.
The government source, who declined to be named, would not give further details about the marketing campaign.
Analysts said the issue was attracting high demand because it comes in two tenors with a five-year tranche offering investors a minimum 6 percent return and a 10-year portion guaranteeing a yield of 7 percent.
“I am not too surprised (by the demand) given the wider product offering,” said a fixed-income trader in Nairobi.
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