May 16, 2019 / 3:36 AM / 7 months ago

Kenya raises $2.1 bln with dual-tranche Eurobond

NAIROBI, May 16 (Reuters) - Kenya has raised $2.1 billion in a new Eurobond that comes in tranches of 7- and 12-year tenors, in an issue that was oversubscribed more than four times, the finance ministry said on Thursday.

The seven-year portion of the bond was priced at 7.0%, while the longer-dated tranche was priced at 8.0%, well below the initial guidance price of 7.5% and 8.5% respectively, the ministry said.

The government received bids worth $9.5 billion for the Eurobond from investors, an oversubscription of 4.5 times, the ministry said in the statement from London. (Reporting by Duncan Miriri, Editing by Sherry Jacob-Phillips)

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