Miguna Miguna launches a heavy protest against Kenya’s 3rd Eurobond

Controversial lawyer Dr Miguna Miguna has protested against Kenya’s move to secure Eurobond for a third time.

According to Miguna Miguna, Eurobond are not goods Kenya sells in the market.

He says Eurobond are debt instruments floated, denominated and sold abroad in currencies other than the Kenya Shilling.

The Canada-based lawyer has also advised the media not to conceal “these reckless and criminal debts.”

“EUROBOND are not goods Kenya sells in the market. They are DEBT INSTRUMENTS floated, denominated and sold abroad in currencies other than the Kenya Shilling. The media should not conceal these reckless and criminal debts,” he tweeted.

The National Treasury Cabinet Secretary Henry Rotich says in a statement dated May 15, that the issuance “triggered an overwhelming response from investors” leading to an oversubscription of 4.5 times.

“The Government of Kenya, acting through the National Treasury and Planning, has successfully priced a new $2.1 billion, dual-tranche Eurobond of 7-year and 12-year tenors on 15th May 2019 in London, United Kingdom,” reads the statement.

The two tranches are priced at 7.0 percent for the 7-year tenor and 8.0 percent for the 12-year tenor.

Mr Rotich says the money raised will be used to finance the budget and repay Sh75 billion 2014 Eurobond that is due to mature in June.

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