NAIROBI (Reuters) - Kenya shortened on Wednesday the tenor of its new dual-tranche Eurobond issue to seven and 12 years from the 12- and 31-year periods it had previously planned due to changes in market conditions, Refinitiv’s capital markets news service IFR said.
The East African nation, which made its international capital markets debut in the summer of 2014, offered guidance of 7.25 percent for the seven-year bond and 8.25 percent for the 12-year tranche, Refinitiv’s IFR said.
It added that orders of $6 billion had so far been received.
Senior government officials started marketing the issue to investors in the United States and Britain last Thursday.
J.P. Morgan and Standard Chartered are the lead arrangers for the issue.
Some of the funds raised from the new issue will be used to refinance a maturing 5-year dollar denominated bond that was issued in June 2014, Henry Rotich, the finance minister, told reporters last month.
Reporting by Duncan Miriri; Editing by Catherine Evans and Andrew Cawthorne