Money Markets
An investor monitors trade at the NSE. PHOTO | FILE | NATION MEDIA GROUP
By CHARLES MWANIKI
In Summary
Institutional investors took up nearly 90 per cent of
UAP’s recently concluded Sh2 billion bond issue leading to a 59.8 per
cent oversubscription.
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UAP listed the medium-term note on Friday at the Nairobi
Securities Exchange with the group’s chief executive Dominic Kiarie
saying the firm was already deploying the funds towards expansion of
regional business.
The single-tranche note launched in early July
targeted institutional and retail high net-worth investors. It received
offers of Sh3.19 billion with institutional investors taking up 89.4 per
cent of the issue while retail investors took the remaining 10.6 per
cent.
The issue concluded on August 18, and its proceeds will be put into funding long-term assets and investments in subsidiaries.
“We will apply the proceeds towards further
enhancement of our capacity in the existing insurance, investment
management and property businesses,” said the insurer’s chairman Joe
Wanjui.
The other corporate bond issue concluded in the year is the Sh6 billion Britam offering. NIC
opened sale of a Sh3 billion bond on August 21, being the first tranche
of its Sh8 billion bond programme to run for five years.
Planned bonds include Athi River Mining’s Sh25 billion and the KenGen’s
Sh30 billion bond, part of the Sh437 billion financing strategy for its
five-year 5,000 megawatts plan. Listed real estate developer Home
Afrika has also
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