Mitigating bond credit risk in nascent capital markets

Nairobi, Kenya Student housing complexes – IFC EDGE certified Green Building
PCG BENEFICIARY: Bondholders – via the bond trustee TENOR: 7 years

A 50% Guarantee on a USD 43 Million local currency bond programme, allowing the bond to be rated B1 by Moody’s (1 notch higher than Kenya’s sovereign rating at the time of issuance).

Improved rating allowed the bond to access a wide range of capital market investors.

The first green project bond issued in Africa.