Kenya plans to issue seven-year Eurobonds with an expected yield of around 11%, marking the highest yield for any African issue this year. The sale aims to finance the repurchase of up to USD 2 bln in debt due in June. Kenya faces over USD 3.5 bln in foreign-currency debt maturing this year, plus USD 1.7 bln in external interest payments and an additional USD 2.7 bln due in the next fiscal year. S&P recently affirmed Kenya’s B rating with a negative outlook, citing concerns over the country’s external debt-servicing capacity amidst high refinancing requirements.