Now there appears to be a slight change of plan. This month, in another announcement by Rotich, the Eurobond has been pushed back further and is now planned to go to market definitely no later than January 2014.
There is nothing wrong with waiting until January next year. But Kenya is sending the wrong message by continuously changing its "definite" plans. A Eurobond has been on Kenyas agenda since 2007, but was put on the back-burner when the financial crisis sent interest rates into a tailspin. Since then, there have been many legitimate excuses to postpone the bond issue.
Some of Kenyas economic fundamentals might force spreads on the issue to be slightly wider than hoped a twin deficit and falling foreign-currency reserves are two economic issues that the country will need to prove are under control.
But Kenya should take the time to reinforce the positives of its story to take on the road. What harm could a few more weeks do?