The Kenya government is in talks with its advisers to return to the Eurobond market later this year. Before then, it is planning a buyback before the end of this quarter. Kenya wants to carry out the buyback to bypass the current high yields and allow for a more favourable terms in the market later in the year. The Kenya plan shows that Africa economies are now returning to Eurobond after two years that have been characterised by high interest rates and tightened financial conditions. Cote d’Ivoire returned to the Eurobond for US $2 billion last month. Meanwhile, Kenya’s usable foreign reserves rose above US $7 billion this week after receipt of the US $685 million from the International Monetary Fund (IMF).
