Morning Commentary: Kenya trades mixed as sovereign eyes offering of new dual tranches

By Rebecca Melvin

New York, Feb. 12 – Kenya’s existing international notes were trading mixed in the early going on Monday after the sovereign announced a roadshow for new 10-year and 30-year eurobonds, according to a London-based market source.

The Kenya 2019 notes were trading at 103 to 103.75 and the spread tightened by 15 basis points, but the longer-dated 2024 notes were trading with a wider spread at 102 to 103. The spread was about 10 bps wider, according to the source.

Citigroup, JPMorgan, Standard Bank and Standard Chartered will lead a roadshow to market the new eurobonds.

The meetings begin Tuesday and will wrap up on Feb. 19 after stops in Los Angeles, New York, Boston and London.

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