By Rebecca Melvin
New York, Feb. 22 – Kenya priced $2 billion of eurobonds in tranches due in 10 and 30 years (expected ratings: B2/B+/B+), according to a market source on Thursday.
The $1 billion 7¼% notes due 2028 came at par to yield 7¼%, following talk that was initially 7 5/8%.
The $1 billion of 8¼% notes due 2048 came at par to yield 8¼%, following talk that was initially set at 8 5/8%.
Citigroup, JPMorgan, Standard Bank and Standard Chartered were bookrunners of the Rule 144A and Regulation S deal, which was able to get done following a roadshow despite a Moody’s Investors Service downgrade of the government of Kenya on Feb. 13.
Moody’s downgraded Kenya’s issuer rating to B2 from B1, citing an erosion of fiscal metrics and rising liquidity risks. The assigned outlook was stable.
| Issuer: | Republic of Kenya
|
| Amount: | $2 billion
|
| Description: | Eurobonds
|
| Bookrunners: | Citigroup, JPMorgan, Standard Bank and Standard Chartered
|
| Trade date: | Feb. 21
|
| Settlement date: | Feb. 28
|
| Expected ratings: | Moody’s B2
|
| S&P’s: B+
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Notes due 2028
|
| Amount: | $1 billion
|
| Maturity: | Feb. 28, 2028
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Price talk: | 7 5/8%
|
|
|
| Notes due 2048
|
| Amount: | $1 billion
|
| Maturity: | Feb. 28, 2048
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Price talk: | 8 5/8%
|
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