Kenya
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Egypt and Tunisia are in a stickier state than Kenya but investors expect them to survive near-term
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East African sovereign gets to grips with debt management with new issue that yielded 10.375% at reoffer
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Investors are happy Kenya is preparing for its upcoming $2bn maturity
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Investors had been worrying Kenya could default on $2bn bond
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Sirima will stay till June when major bond needs repaying
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Sovereigns have managed to source other financing while bond markets have closed to them
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Many of the region’s states that have market access feel little need to issue new bonds
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Authorities are making headway in improving finances but pitfalls lie ahead of $2bn maturity in 2024
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There would still be hurdles and an agreement may even make defaults more likely
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Investors saw William Ruto as the more market-friendly of Kenya’s potential presidents
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Kenya has breathing room with no redemptions due until the summer of 2024
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The debutant already has orders for nearly half the $300m target
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Emerging market investors took the US Federal Reserve’s indication on Wednesday that it would hike rates in 2023 in their stride, allowing Kenya to come to the bond market on Thursday.
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The Republic of Kenya will return to international bond markets this week after a two year hiatus. The mandate added to the growing pipeline of sub-Saharan African sovereign trades.
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A number of sub-Saharan African sovereigns are eyeing the Eurobond market, after a year that saw dismally low levels of capital markets issuance from the region. But investors are still on the hunt for yield, market participants say, which can be found in abundance in Africa.
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Negotiations between the International Monetary Fund and some emerging market countries are yielding mixed results. While some sub-Saharan African sovereigns are making progress in their talks, Ukraine's long-running saga to unlock emergency funding has been unsuccessful so far.
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GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.
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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.
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The Republic of Kenya has released initial price guidance for its latest bond issue, which two emerging markets bond investors deemed generous.
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The hopes of emerging markets participants proved well founded on Wednesday when US Federal Reserve chair Jerome Powell pulled back from the aggressive trajectory of rate hikes previously promised.
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Thirteen emerging market sovereigns will face their first bond market redemptions over the next seven years and, with financing conditions set to become more difficult, market participants are watching them carefully.
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Seven new banks have joined Stanbic Kenya's loan, which will be signed on Thursday, leading to a heavy oversubscription, but the borrower declined to take any more money than the $100m it had set out to raise.
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Standard Bank’s Kenya branch is looking to raise $100m in the loan market, ahead of a maturity coming up for one of its loans in October.
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Kenya printed a $2bn dual tranche bond this week from a combined book of $14bn as investors continued to pile into emerging market credits they favour.
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Kenya looked to have adopted the same pricing strategy as its African peers on Wednesday, opening books on a dual tranche 2028 and 2048 bond with a chunky concession, much like Egypt and Nigeria last week.
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The new bond issues may be flowing in emerging markets, but after weeks of volatility, the era of easy execution is over.
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Kenya will have its work cut out to reassure investors after Moody’s cut its credit rating by a notch on Tuesday. Rival bankers said the clash is poor planning, but the leads on Kenya’s upcoming roadshow said investors should be doing their own credit work, reopening the debate about the relevance of ratings agencies in emerging markets.
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Kenya has mandated banks for its first Eurobond since 2014, and is looking to extend its curve by 24 years to join the handful of sub-Saharan African borrowers that have tapped the 30 year part of the curve.
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Exotix Capital has brought on three new hires to its frontier markets research team ahead of the introduction of MiFID II.
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Kenya’s largest power producer Kenya Electricity Generating Company (KenGen) is looking to raise $300m in the loan market, which the World Bank is providing a $180m guarantee for.
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African countries are moving full steam ahead to develop their economies through Chinese-funded railway infrastructure, hoping faster growth will forestall concerns about the costs and their ability to pay it back.
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Exotix Capital is adding three new analysts to its Nairobi office.
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Gabon on Monday raised $200m with a reopening of its bonds maturing 2025 in a week that has also kept investors in African Eurobonds on their toes with a no-confidence vote in South Africa and presidential elections in Kenya.
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African politics had the focus of EM bond investors on Wednesday morning with South Africa’s president Zuma surviving a no-confidence vote, and Kenya’s presidential vote looking like a victory for the incumbent, Uhuru Kenyatta. Africa has also provided this week’s only new issue, a $200m tap from the Gabon.