Freshfields Bruckhaus Deringer has advised the joint lead managers in relation to the U.S.$750,000,000 tap issue by the Republic of Kenya of its debut issue of U.S.$500,000,000 5.875% Notes due 2019 and U.S.$1,500,000,000 6.875% Notes due 2024.

Kenya managed to optimize the low and benign global rates environment and persistent investor demand for sub-Saharan African debt before the markets close over Christmas, achieving a better price than it did on its debut issue.

Commenting on the transaction, capital markets partner Duncan Kellaway said: ‘We were very pleased to support the banks on this important issue by Kenya. The African bond market continues to grow, as further demonstrated by the size of these issues’.

US securities partner Stuart Grider, added: ‘The transaction is one more in a series of recent sovereign bonds we have advised on, which has included the Republic of Bulgaria, the Republic of Lithuania and the Republic of Armenia’.

The Freshfields team advising on the deal was led by capital markets partner Duncan Kellaway, US securities partners Stuart Grider and Ashar Qureshi and senior associate Nick Hayday.