Kenya’s National Treasury has appointed Citi and Standard Bank as joint lead managers to assess potential international US$ capital markets funding and liability management options for Kenya.
In the absence of a new Eurobond, Kenya’s foreign exchange reserves are expected to come under intense pressure in 2024. But with the country promising to pay back $300 million of a $2 billion Eurobond that falls due next June, it appears like Kenya could manage to jump this hurdle and settle the Eurobond, easing external debt pressures with increased concessional borrowing and after that a 3-year pause until the next cycle of Eurobond maturities in 2027 and 2028.
