Kenya Raises $2.25 Billion, Seeks to Retire 2028, 2032 Notes

Kenya raised $2.25 billion of bonds to finance a debt buyback, joining a wave of African sovereigns tapping international markets as borrowing costs ease.

East Africa’s largest economy sold $900 million of seven-year debt at a yield of 8.1% and $1.35 billion of 12-year notes at 8.95%, according to a person familiar with the matter, who asked not to be identified because the details aren’t public.

African nations — from Ivory Coast to the Republic of Congo — are racing to tap capital markets as lower borrowing costs make fresh funding more attractive, with emerging-market spreads narrowing against US Treasuries. ...