How Africa’s bond markets can continue to progress


In November 2009, Safaricom, a joint venture between the Kenyan government and Vodafone, found the first KSh5 billion ($65.5m) tranche of its KSh12 billion bond program 50% oversubscribed.

And Safaricom is no fluke. Just a month before, KenGen, a Kenyan power company, managed to raise KSh25 billion from a ten-year bond issue - KSh10 billion more than was expected.

Around the turn of the millennium, such a debt issue - let alone such an oversubscription - would have been unthinkable. But the

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