Global rating firm Standard and Poors (S&P) has given Kenya’s proposed dollar-denominated Eurobond ‘B+’ long-term issue rating. “The amount and interest rate, among other details of the bond, will be determined during the placement,” said S&P. In March, the firm affirmed its ‘B+/B’ long- and short-term foreign and local currency sovereign credit ratings on Kenya. “The outlook is stable,” said. Fitch assigned the country a rating ‘B+’, which has a Stable Outlook. Last week, the National Treasury began a roadshow for its dual-tranche Eurobond (12- and 31-year paper) to raise Ksh250 billion targeting investors in Europe and the United States. JP…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Former IPOA chairman Macharia Njeru, a Senior Advocate of the High Court of Kenya has been appointed to serve as a member of the Judicial Service Commission. President Uhuru Kenyatta appointed Njeru in a Special Gazette Notice for a period of five years with effect from 13 May 2019. Njeru emerged the winner in the Law Society of Kenya’s (LSK) male representative to the JSC elections with 2,738 votes. His opponents, Prof. Tom Ojienda came in second with 2,545 votes. Charles Mong’are Ongoto got 123 votes. Njeru is a Notary Public, Commissioner for Oaths and a Certified Public Secretary. He…
The Capital Markets Authority (CMA) has approved SCFM Limited to operate as a Non – Dealing Online Foreign Exchange Broker. This is the second non-dealing online foreign exchange broker license to be issued under the new regulations, which brought the oversight of online foreign exchange brokerage services under CMA. The first license was issued to EGM Securities Limited in 2018. READ: EGM Securities Launches FX Pesa an Online Forex Trading Platform SCFM Limited is a fully owned subsidiary of SM Capital Markets Limited which is a company registered in Cyprus. SM Capital Markets also has another subsidiary, Scope Markets which…
Three Kenyan banks have been shortlisted as nominees for the 2019 African Banker Awards. Equity Group, KCB Group and Family Bank. Equity Group has been nominated in African Bank of the Year, Socially Responsible Bank of the Year. KCB Group has been nominated in threee categories -Award for Innovation in Banking, Award for Innovation in Banking and Socially Responsible Bank of the Year. Family Bank has been nominated in Award for Innovation in Banking. Dr. James Mwangi, chief Executive Equity Group has also been nominated in the African Banker of the Year. The Awards, which are hosted by African Banker…
Kenya is in its final stages of enhancing local content policies to address the increment of local participation that encourages foreign investment in the oil and gas sector. The existing legislation are the Energy Act 2019, Part IX and Petroleum Act 2019, Part IV. Ministry of Petroleum and Mining, Cabinet Secretary, John Munyes said that the Petroleum Act that was recently assented to provides the country with a comprehensive framework to guide the development of regulations to implement local content. “The Ministry has been able to develop local content policies that look at upstream, midstream and downstream regulations. The current…
Fitch Ratings has assigned Kenya’s upcoming US dollar denominated senior unsecured notes an expected rating of ‘B+. “The expected rating is in line with Kenya’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’, which has a Stable Outlook,” said Fitch. READ: Kenya Begins Roadshow for 12-, 31-year Dual-tranche Eurobond In April, Fitch affirmed Kenya’s Long-Term Foreign- and Local-Currency IDRs at ‘B+’ with a Stable Outlook. A credit rating is used by sovereign wealth funds, pension funds, and other investors to gauge the creditworthiness of Kenya thus having a big impact on the country’s borrowing costs. Fitch’s credit ratings do not…