London Stock Exchange welcomes Kenya Sovereign Bond

London Stock Exchange welcomed the launch of Kenya’s $2.1 billion Eurobond today. This is the second Kenyan international bond transaction to list on London Stock Exchange since 2018. The dual-tranche bond raised $1.2 billion in 12-year notes at a yield of 8 percent and $900 million in seven-year notes at a yield of 7 percent. The bond was oversubscribed 4.5x and attracted a diverse investor base by geography and type of investors. Kenya’s sovereign bond will help to develop the national economy, domestic capital markets and the Big 4 Agenda, which is outlined in Kenya’s Third Medium Term Plan of the Vision 2030.

Nikhil Rathi, CEO, London Stock Exchange Plc, and Director of International Development, LSEG, welcomed Honourable Henry Rotich, Cabinet Secretary for the National Treasury; Lord Tariq Ahmad of Wimbledon, Prime Minister’s Special Representative on Preventing Sexual Violence in Conflict, Minister of State for the Commonwealth and the United Nations, and Prime Minister’s Special Envoy for Freedom of Religion or Belief and the UN; Dr Kamau Thugge, Principal Secretary to the National Treasury; His Excellency Mr. Manoah Esipisu, and High Commissioner of the Republic of Kenya to the United Kingdom to open London’s trading today and celebrate Kenya’s successful Eurobond launch.

Lord (Tariq) Ahmad of Wimbledon, Prime Minister’s Special Representative on Preventing Sexual Violence in Conflict, Minister of State for the Commonwealth and the United Nations, and Prime Minister’s Special Envoy for Freedom of Religion or Belief said:
"I am delighted to attend the opening of London’s historic markets this morning, and to witness the issuing of the latest Kenyan sovereign bond on London Stock Exchange. The UK and Kenya enjoy a strong economic relationship, as part of a wider bilateral and Commonwealth partnership based on shared values, systems, challenges and aspirations."

London Stock Exchange Group Africa credentials

  • In total there are 71 bonds currently listed on London Stock Exchange from Africa and close to $66.1bn raised, London is uniquely placed to offer an additional funding channel for the economic development of African countries.
  • Ecobank recently issued a debut US$500 million five-year Eurobond on London Stock Exchange’s Main Market
  • On 26 March 2019 Ghana launched a US$3bn triple-tranche bond, attracting demand in excess of $20bn.
  • Global hub for sovereign bond raising $2.5tn in total– 38 African sovereign bonds listed in London with 8 this year so far including Egypt, Ghana
  • 114 African companies on London Stock Exchange markets, the largest concentration of African quoted companies outside of Johannesburg; with 4 ATT, 59 AIM, 49 Main Market, 2 PSM; combined market capitalisation of $203 billion
  • In March 2017, LSEG launched its inaugural ‘Companies to Inspire Africa’ report, a landmark publication identifying hundreds of the fastest-growing and most dynamic private businesses across Africa.
  • LSEG profiled 66 Kenyan companies in the 2019 CTIA publication early this year, and before that, profiled 50 Kenyan companies in our 2017 publication.
  • The initiative is supported by The President of Kenya and the UK Prime Minister; their keynote forewords were featured in the publication launched in January 2019 by the UK Secretary of State for International Development, are linked here.
  • 13 of these 75 companies are from Kenya such as M-Kopa, a Kenyan company connecting hundreds of thousands of homes across Kenya to affordable solar power using innovative micro-finance.
  • For the One Year On report, see here.
  • In April 2018, ELITE, Nairobi Securities Exchange, and FSD Africa entered into an MoU to explore the ELITE opportunity for Kenya & East Africa.
  • FTSE Russell, LSEG’s global indexing business, is a partner to the Nairobi Securities Exchange on benchmark indexes for the local market.

Quick facts

Track
Market: Main Market
Instrument market cap (£m)
-
Listing/Admission to trading
23 May 2019
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