Kenya sees Eurobond interest in US roadshow

June 10, 2014/in Foreign Policy, News, Press /by PSCU

NAIROBI, 10 June 2014 (PSCU) – The Government has reported “serious interest” in its Eurobond after launching an ambitious roadshow campaign in the United States, National Treasury Cabinet Secretary Henry Rotich says.

The campaign started with roadshows in the US West Coast covering San Francisco and Los Angeles on June 5.

The roadshow moved to the East Coast roadshows on June 9 to cover Boston and New York, one of the globe’s key financial centres.

After the roadshows in the US, the National Treasury team will proceed to London later this week. Also, there may be roadshows in Germany and Middle East before the expected end of the campaign by June 15.

In what is a heavy schedule, Treasury Secretary Rotich was due to take a break June 11 and 12 to return home to present this year’s Budget speech in Parliament, before rejoining the team in London.

The Government expects to raise between $1.5 billion and $2 billion in its debut Eurobond, an important statement of Kenya’s economic progress in the international financial markets.

Given publicity restrictions imposed by the U.S. Securities and Exchange

Commission regarding Eurobonds, the National Treasury is unable to provide exact details of discussions with investors from that market, Rotich said from New York.

A bond is a debt instrument, and Kenya’s debut one is denominated in euros. It will fund Kenya’s development projects.