EADB’s $125m regional bond put on hold over high interest rates

The region’s main development financier has put on hold a planned bond issue targeted at raising the equivalent of $125 million, in the face of sustained high interest rates.

East African Development Bank was widely expected to issue a corporate bond in the four EAC countries of Kenya, Uganda, Tanzania and Rwanda this year, but appears to have put the brakes on the issue due to the persistent high interest rates, despite policy interventions by the respective countries’ central banks.