Kenya Opens Offer to Buy Back $2 Billion of Bonds; Yield Plunges [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: (Bloomberg) — Kenya's government offered to buy back its $2 billion of eurobonds that mature in June and announced plans to issue new debt. The yield on the 2024 securities plummeted. The offer opens Wednesday and will close on Feb. 14, according to a statement issued by the government. The plan is to purchase at par value and to pay accrued interest on the debt, while the maximum amount that will be bought back will be determined by the pricing of the new notes, which is expected to occur on Feb. 12, it said. Article content Article content The yield on the 2024 debt plunged to 9.96% by 2:55 p.m. in London from 15.79% on Tuesday. Kenya's efforts to raise funding for the looming eurobond maturity have been a focal point for investors concerned that elevated food- and energy-import bills and limited foreign-exchange reserves will restrict its ability to repay the debt. The East African nation's buyback offer follows announcements by Ivory Coast last
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