Kenya is starting the autumn with two corporate bonds that are both more than twice as big as any previously issued in the country. The new bonds will more than triple the amount of outstanding Kenyan corporate bonds.
Kengen, the country’s dominant electricity generator, received approval in late August to sell a 10-year bond for KS15 billion ($197 million) with a coupon of 12.5%. If this is oversubscribed it can raise an additional KS10 billion. The lead arranger is Standard Chartered and Standard Investment Bank is lead sponsoring broker....
