Standard Bank Group successfully executed $1.5 billion in Eurobond issuance for the Republic of Kenya, facilitating debt management through innovative tender offers.
The Group served as joint lead manager and bookrunner for the Republic of Kenya’s new $1.5 billion Eurobond, marking its first foray into the capital markets since 2021.
Concurrently, the Standard Bank Group acted as joint dealer manager for a $1.4 billion tender offer to repurchase outstanding Eurobonds maturing in June 2024.
The Eurobond, issued on February 16th with a 9.75% coupon and 10.375% yield, matures in 2031. Its six-year weighted average life features principal amortization in equal instalments during the final three years.
Proceeds from the Eurobond funded the tender offer, achieving a 72% participation rate from investors and reducing outstanding bonds to just over $550 million.
Joshua Oigara, Chief Executive of Stanbic Bank Kenya & South Sudan, emphasizes the strong investor demand and renewed access to capital markets, highlighting confidence in Kenya’s growth potential.
“A deep understanding of Kenya’s economy, regulations, and people is at the heart of everything we do at Standard Bank. It is encouraging to see the investor community take note of the opportunity the country represents,” said Oigara.
