Kenya has raised $750mn through a re-opening of its debut Eurobond, the Business Daily reported, quoting sources. The sale was reportedly launched on November 25 and the proceeds are set to be received on December 3, when Treasury secretary Henry Rotich is expected to make a public statement on the issue.

The daily quoted analysts as saying that the silent reopening of the bond was a pointer to the fact that the Treasury talked directly to investors who participated in the initial offer to take up more of the bond.

In June, Kenya sold $500mn of 5-year sovereign USD-denominated notes and $1.5bn of 10-year bonds at yields of 5.875% and 6.875%, respectively. Demand was huge with bids worth $8.8bn placed. Now, it has reportedly sold $250mn of the 5-year and $500mn of the 10-year securities.

The government has previously said it will use the proceeds from the Eurobond to fund budgeted government expenditures, including the retirement of a $600mn syndicated loan and infrastructure projects.

The government has been trying to reduce its local borrowing requirements and tap global debt markets instead in a bid to help reduce high interest rates on the domestic market that constrain private sector lending and hurt investments. It has announced plans to issue a debut sukuk (Islamic bond) during the 2015/16 financial year. Last week, Parliament approved the Treasury’s request for a doubling of international debt ceiling to KES1.2trn ($13.3bn).

Kenya, the biggest economy in East Africa, is rated B+ by S&P and Fitch and B1 by Moody’s.