Kenya has selected JP Morgan Chase and Citi as lead managers for its upcoming US$1B Eurobond issue, a banking source with knowledge of the plan said on Monday.
The government is finalising details of the issue, and expects to have sold it by the end of June, the source said.
There was no immediate comment from the ministry of finance.
Kenya plans to issue another euro-denominated sovereign bond in its 2021/22 fiscal year (July-June), for purposes of managing liquidity, as previously issued sovereign bonds start to mature.
The East African nation has been scrambling to secure cash from abroad to fill a gaping budget deficit before its financial year closes at the end of next month.