Cote d’Ivoire's successful Eurobond sale spurs Kenya's early bonds buyback.

Cote d’Ivoire's successful Eurobond sale spurs  Kenya's early bonds buyback.
Photo by Amani Nation / Unsplash

Cote d’Ivoire’s successful Eurobond outing has signalled rising investors' appetite for African countries’ sovereign debt, giving Kenya the encouragement it needs to return to the international debt market to raise funds.

Kenya's President William Ruto gave all indications during last week's Italy-Africa Summit in Rome that the country will start its bond buyback very soon. The early buyback of at least $300 million will come after the initial target of December last year was missed due to the country's preference to make the entire $2 billion bullet payment on June 24. The country is expected to tap its forex reserves, enhanced by recent funding from the IMF, to repay the Eurobond, as yields on its previously issued Eurobonds remain high.

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