The success of
A joint debt sustainability analysis by the
The country floated a
Concerns have been that Eurobonds are more sensitive to political insecurity despite the relatively low cost of servicing the debts.
"The bond's higher subscription reflects the abundance of liquidity in global financial markets and the global investors' confidence in the Kenyan economy," fund manager
"Things would have to deteriorate quite rapidly for any (debt) restructuring to be required," Wolman said.
The confidence exhibited contrasts credit rating agencies Fitch, Standard & Poor's and Moody's who judge
Fixed-rate 10-year bonds issued in 2014 currently carry a coupon of 12.18 per cent, while 5-year bonds are trading with a yield of 11.50 per cent.
"The debt seems very manageable,"
"We are in a new normal... with debt levels we have not had since independence. Execution becomes key, if people snaffle money off the top of these contracts then we will have to reassess."
Satchu added that the ability of the markets to look through the security issues faced in both
"They wouldn't handle another Westgate," he said.
Despite the vote of confidence on the Kenyan economy through the sovereign debt's success, its GDP is forecast to grow at a little under six per cent in 2014/15, lagging its East African peers expected to expand by between 6.5 per cent and 7.5 per cent.
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