National Treasury of Kenya. Global rating agency Moody’s has placed its current B1 rating of Kenya on review for a downgrade, citing political uncertainty, growing public debt and inadequate revenues to rein in the budget deficit. PHOTO FILE | NATION
The National Treasury of Kenya has for the third month in a row opted to raise money through the re-opening (known as “tapping”) of a bond as it strives to hold interest rates steady in a tough economic environment that has seen foreign investors shift to the dollar-denominated Eurobond.
The Treasury, aware of the environment, has opted to extend the sale period to a week, breaking the previous trend of having a two-day sale window. It will be hoping to raise Ksh16.5 billion ($159.1m) through the the five-year bond, which offers a 12.5 per cent yield.
