Kenya tightens pricing on twin trancher

kenya flag 230x150 for gc
By Lewis McLellan
16 May 2019

Kenya hit screens on Wednesday with a dual tranche bond. Investors said initial price thoughts looked generous and so the leads were able to cut the yield by more than had been expected during execution.

The bonds were a pair of amortising dollar benchmark notes, one with a weighted average life (WAL) of seven years and the other of 12 years. The borrower raised $900m with the seven year bond and $1.2bn with the 12 year. The issuer had wanted a 31 year ...

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