2023-10-02 11:43:08
The Kenyan government has chosen Citi and South Africa’s Standard Group to advise it on how to manage a $2 billion Eurobond that matures in June 2024, a senior finance ministry official said on Monday.
The East African country must repay or refinance the 10-year bond at a time when soaring yields have effectively priced many pioneering economies out of the market.
Its debt load and the weakening shilling have also fueled concerns regarding the maturing bond. Kenya’s total public debt stood at 67.4% of gross domestic product at the end of last year, according to World Bank figures.
Finance Minister Njuguna Ndung’u sought to downplay the situation, saying it was not a “big deal”.
Citi and Standard will help the Kenyan government meet the deadline, Haron Sirima, director of debt management at the Treasury, told Archyde.com, without giving further details.
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