The
12-year KES 20bn infrastructure bond offered by the Central Bank of Kenya (CBK)
between October 8th and 21st has been oversubscribed by 158pc.
CBK, in a statement posted on its website said the weighted average rate for successful bids at the auction was 11.263pc translating to a weighted average price of KES 98.622 translating to a weighted average price of KES 98.622.
“The Bank is extending another opportunity to potential investors who missed out on the first tranche by offering a further KES 20bn of the Infrastructure Bond through a Tap Sale offer. ALL bids will be priced at the successful weighted average yield of 11.263pc adjusted for time to maturity,” said CBK.
Early October, CBK floated the 12-year infrastructure bond at a fixed rate of 11pc. The sale closed on Oct. 21. The proceeds will finance road, energy, water and irrigation programs.
According to the Tunis-based African Development Bank (AfDB), infrastructure development needs will cost the country US$ 4bn a year.
The money will be used to build roads, a Standard Gauge Railway line from Mombasa to Busia and a second international harbor in Lamu Port to export oil reserves being developed in Turkana
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