The size of Kenya’s planned Eurobond may rise to as high as USD 2.5bn from an initially announced target of around USD 1bn, Business Daily reported, quoting the country’s economic secretary Geoffrey Mwau. Kenya’s government has announced plans to sell sovereign bonds on the international markets by September 2013 following the largely peaceful general and presidential elections in March. The proceeds will be used to fund infrastructure projects and to partly repay a USD 600mn syndicated loan from three foreign banks signed last year.
Kenya is expected to be able to sell its Eurobond at a lower yield than that the one achieved by neighbouring Rwanda, which placed in April a USD 400mn 10-year debut Eurobond, yielding 6.875%, according to analysts. Kenya is rated at B+ by S&P and Fitch and at B1 by Moody’s, while Rwanda is rated at B by Fitch and S&P and has no rating assigned by Moody’s. Moreover, Kenya is the biggest economy in East Africa and has lower reliance on donor aid than Rwanda.
The International Monetary Fund (IMF) expects Kenya’s economic growth to accelerate from 4.7% last year to 5.8% this year and to 6.2% next year. It has predicted the current account deficit to shrink from 9.1% of GDP in 2012 to 7.4% in 2013, but to widen again to 8.1% in 2014.
Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more
South Africa's national oil company PetroSA and Rosgeo, the geological exploration company of the Russian Federation, have signed an agreement on a $400mn oil and gas development project in South ... more
South Africa’s MTN said it has agreed, on a non-binding and preliminary basis, to invest an initial $350mn into Iranian fixed broadband provider Iranian Net. The investment will give ... more