Kenya picks Citi and Standard Bank to advise on maturing $2 bln Eurobond

Kenya’s government has picked Citi and South Africa’s Standard Group to advise it on how to handle a $2 billion Eurobond that is maturing in June 2024, a senior finance ministry official said on Monday.

The East African nation needs to repay or refinance the 10-year bond at a time when a surge in yields has effectively locked many frontier economies out of the market.

Its debt load and weakening shilling currency KES= has also fuelled concerns about the maturing bond. Kenya’s total public debt was 67.4% of gross domestic product at the end of last year, according to World Bank figures.

Source: CNBC Africa