The Republic of Kenya (rated B+ Stable / B+ Stable by S&P and Fitch respectively), has mandated Barclays, J. P. Morgan, Standard Bank and QNB Capital to arrange a series of fixed income investor meetings in the US and UK commencing on Thursday, 5th June 2014. An inaugural Rule 144A/RegS USD benchmark offering may follow, subject to market conditions. FCA/ICMA stabilization.

*** REPUBLIC OF KENYA - GLOBAL ROADSHOW SCHEDULE ***

Thu 5th June - San Francisco
Fri 6th June - Los Angeles
Mon 9th June – Boston
Tue 10th June – New York (Group Lunch)
Wed 11th June – New York
Thu 12th June – London
Fri 13th June – London (Group Lunch)
Sun 15th June – UAE

The Republic of Kenya will be represented by:
Henry Rotich - Cabinet Secretary of the National Treasury
Dr. Kamau Thugge - Permanent Secretary of the National Treasury
Dr. Geoffrey Mwau - Economic Secretary of the National Treasury
Felister Kivisi - Senior Assistant Director, Debt Management Office of the National Treasury
Gerald Arita – Director Financial Markets, Central Bank of Kenya

Kenya launches $2bn debut bond roadshow
By Katrina Manson in Nairobi and Javier Blas in Maputo

Kenya will launch its much-delayed attempt to raise a $2bn debut sovereign bond on Thursday with a 10-day international campaign starting in the US.

Investors eager to tap growth in east Africa’s top economy – one of the last big economies on the continent to come to the market with a debut eurobond – have awaited for years the country’s maiden issue, touted at $1.5bn-$2bn.

“The amount raised will be determined at the end of the roadshow; the government would like $2bn,” said a person familiar with the government’s eurobond strategy.

Nairobi needs to raise the money to fund heavy infrastructure investment and pay off a $600m syndicated loan from 2012, the repayment deadline of which was extended to mid-August last month.



A four-person roadshow team, led by Henry Rotich, finance minister, left Kenya late on Tuesday night bound for Los Angeles.

They will also visit San Francisco, Boston and New York before finishing in London on June 13. Pricing is expected the following week.

“We were working on the preliminaries until very very late, until [the roadshow team] jumped on a plane at midnight,” said a person familiar with the eurobond issue.

Njuguna Ndung’u, the central bank governor who is due to be prosecuted over accusations of graft and abuse of office, said he had not joined the roadshow team.

High risk paper comes with a premium price. Zambia issued at 8+% and now trading at 7.4% due to rally in sovereigns.

I still hold 8% min price on this one...and a lot of pain for Kenyans for 30 years.

This float will definitely be above 8% due to the current affairs local and global. Why does KE want to pay such high interest payments? High interest = high risk. This pererabond is like a junk bond... Will wait to see the subscription outcome.

Will there come a point in the future when the office of the Attorney General claim that since it was not in the entourage, it shall not be held responsible for any legal penalties?