Kenya
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Confusion over two loans to Kenya, one of which was arranged by multilateral lender Trade and Development Bank (TDB), may have subsided as clarity over the structure of the deals emerged this week. -
International banks want quick answers from the Kenyan government on the status of its loan from Eastern and Southern African Trade and Development Bank (PTA Bank), which has threatened their bigger syndication for the sovereign just as the mandate is being finalised.
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The African loan market has hit 2017 on the front foot, with bankers heralding the support shown for Kenya and Sibanye deals as testament to gathering confidence in the region — but only for the right credits.
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Kenya has mandated four banks to arrange internationally syndicated loans of as much as $800m, ending a restless wait for competing lenders.
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Loan bankers have been waiting on tenterhooks for Kenya to reveal a mandate for deals totalling as much as $1bn, with the country’s government having originally been set to make the announcement this week.
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The Eastern and Southern African Trade and Development Bank (PTA) lowered the margin on the two year tranche of its $400m refinancing and added a three year clip for the first time.
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Kenya Power and Lighting Company signed its $500m loan refinancing last week after extending the deal time to bring in more lenders.
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Kenya Power and Lighting Company (KPLC) has completed refinancing on $500m of loans, reducing its costs with the help of a World Bank guarantee.
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Standard Bank Kenya (also known as Stanbic CfC) will sign its loan on Thursday, while multilateral African bank AFC has nearly completed its $150m deal.
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Kenya Power and Lighting Company (KPLC) launched its $500m loan refinancing on Wednesday after over a year in the making.
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Kenya has mandated three banks for a non-deal roadshow and is “expecting” questions around the rumours about alleged misuse of funds from its last Eurobond outing in 2014.
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Banks must make their commitments for Standard Bank Kenya’s (Stanbic CfC) $100m loan within a week, according to a lead banker.
