Linklaters has advised the underwriters on the Republic of Kenya’s debut international bond. The US$2 billion transaction is the largest debut bond issuance by an African sovereign issuer. The capital raising comprised two tranches of bonds: a $500m, five-year tranche paying an interest rate of 5.875 per cent, and a $1.5bn 10-year tranche with an interest rate of 6.875 per cent.

Richard Levy, Capital Markets partner at Linklaters, said: “The success of this deal demonstrates the strong demand for African sovereign paper at the moment with growing appetite among investors for exposure to growth in some of the world’s fastest growing markets.”

The Linklaters team was led by London Capital Markets partners Richard Levy and Patrick Sheil.