Kenya secures bids for debut Eurobond worth $8.8 bln

NAIROBI (Reuters) – Kenya secured bids worth $8.8 billion for its debut Eurobond and will accept $2 billion, a senior Kenyan official said on Tuesday, saying the level of bids was a record for Africa.

Bankers had said the final level of demand was nearer $8 billion with the 10-year bond attracting $5.5 billion and the five-year bond receiving $2.5 billion.

The senior official, who asked not to be named, told Reuters that the five-year bond had a yield of 5.875 percent while the 10-year portion came with a yield of 6.875 percent.