Deals

The National Treasury of the Government of Kenya, USD1 billion,

Kenya

Apr 01, 2017

Standard Bank concluded a landmark transaction for Africa by facilitating this international syndicated loan for Kenya. This transaction is strategically important for the Standard Bank Group’s franchise and its success was based on efficient collaboration between Stanbic Bank Kenya Limited and Standard Advisory London Limited.

As part of an arranger consortium, Standard Bank was awarded the mandate to source external USD liquidity from the international loan market. The Bank jointly structured, underwrote and syndicated a medium-term loan facility which provides the borrower with increased refinancing flexibility.

Standard Bank was the appointed mandate documentation bank, with all three Mandated Lead Arrangers jointly underwriting and bookrunning the facility.

At a time when local rates were significantly higher, the loan provided substantial foreign currency government funding which helped stabilise the local foreign exchange rate. For the first time, the facility had two tranches introducing a longer three-year tenor. This enabled funding for a range of critical infrastructure projects and provided cashflow flexibility in repaying the debt. The transaction raised considerable interest from 29 investors from across the globe including Asia, America, Europe and the Middle East.

Building on the success of its previous international fundraisings both in the loan and Eurobond markets, Kenya tapped the international loan market with a new loan transaction to raise funds for urgent infrastructure projects.

This interaction with the Kenyan government set an important market benchmark for Africa and further cemented our Kenyan franchise in a material manner and showcases Standard Bank’s international capabilities and expertise.

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