FUND manager, Pinberidge East Africa, yesterday backed Kenya's planned sovereign bond saying it will be positively received. The fund that manages wealth in excess of Sh172 billion in Kenya and Uganda said the Sh129.5 billion to Sh172.7 billion ($1.5 and $2 billion) bond would have a positive impact on public funding and shore up her foreign reserves.
"We expect it in the course of this quarter although it is not yet clear whether it will be $1.5 or $2 billion," Pinebridge East Africa chief executive Jonathan Stichbury said. "Risk of investment in Kenya is relatively lower than it was in one or two years ago and we expect a lot of interest(from international investors) and to be well subscribed." He cited smaller-sized economies like Rwanda that last year had successful debut bonds as a pointer to the success.