Kenya, East Africa's largest economy, is considering selling Samurai bonds this fiscal year as the government prepares to raise its target for borrowing on external markets, Treasury Secretary Henry Rotich said.
In addition to yen-dominated notes, the country may also offer foreign investors sukuk and diaspora bonds in the year through June 2015, Rotich said in a phone interview on July 25 from Nairobi. A decision on the type of debt and the amount to be issued will be made in "weeks," he said.
Kenya is considering plans to diversify international borrowing after selling $1.5 billion in 10-year notes and $500 million in five-year securities in an offering last month in which demand exceeded supply five times. Unprecedented stimulus from central banks including the Bank of Japan, Federal Reserve and European Central Bank, is spurring demand for riskier debt to boost returns.