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Kenya plans to list its Eurobond at the NSE

30 August 2014, 10:49

Nairobi - Kenya is currently reforming its Nairobi Security Exchange (NSE) in order to make it easier for the listing of the country's Eurobond.

NSE Chairman Edward Njoroge told an investors' forum in Nairobi that the exchange will soon be introducing superior bond trading system, which will facilitate trading in debt securities of different currencies.

"These reforms will enable Kenya's 2 billion U.S. dollars sovereign bond, which is currently listed on the Irish Exchange to be cross listed on the NSE," Njoroge said during the listing of UAP Insurance 23 million dollars corporate bond.

He said there is overwhelming demand for investment opportunities in the capital markets.

He noted there have been over-subscriptions in two previous public capital raising for both equity and debt.

"This is therefore the right time to tap the liquidity in the market in order to raise capital to finance business," Njoroge said.

The east African nation has also enhanced the trading and settlements of government Treasury bonds. "Investors can now purchase government bonds and trade them on the same day," the chairman said.

The NSE is collaborating with the Central Bank of Kenya to extend this facility to corporate bonds.

UAP Group Managing director Dominic Kiarie said that the NSE now has greater transparency. "The aim is to make it easier for shareholders to discover price of listed shares," Kiarie said.

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