Kenya Plans $500 Million Debut Panda Bond to Fund Next Budget [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
The sale of the so-called panda bond is planned to take place in the fiscal year commencing July 1 and will be used to finance its budget deficit, said one of the people, who asked not to be named as they are not authorized to speak. The deal is in early discussion, and the amount and issue time could change, the people said. The East African nation is targeting a budget deficit of 3.9% of gross domestic product for the year through June 2025 and 3.3% for both 2025-26 and 2026-27. The nation also plans to engage the Asian Infrastructure Investment Bank to provide guarantees to support the issuance of the renminbi-denominated bond, one of the people said. The nation's cabinet in January approved its membership of the multilateral lender. Kenya's Treasury didn't respond to requests for comment. Read More: Kenya's Eurobond Attracts More Than $5 Billion in Orders The nation, encouraged by Egypt's sale of Africa's first sustainable panda bond in October, guaranteed by the Afri
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