East African Countries to Issue Bonds after US Retains Stimulus Plan

East African countries planning to issue bonds on the international market face favourable conditions in the coming months, following a decision by the US Federal Reserve Bank to continue with its monetary stimulus plan.

Following the announcement last month, long-term interest rates fell in the US and Europe, as short-term rates stabilized, potentially making it more profitable for investors and emerging economies like Kenya and Tanzania to put their money in frontier.

The two countries have been preparing to sell debt in international markets, but yields on debt issued recently by other African countries have been on an upward trend.

The Federal Open Market Committee (FOMC), a key organ of the Fed, said it would continue buying additional agency mortgage-backed securities at the pace of USD40 billion per month, and longer-term Treasury securities at USD45 billion.

Kenya could sell between USD1 billion and USD2 billion’s worth of bonds in the international markets to finance major infrastructure projects, and to retire some of the country’s more expensive debt including a USD600 million syndicated loan signed in May last year. (The EastAfrican)

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