Republic of Kenya : Medium Term Debt Management Strategy, 2011/12-2013/14

The objective of debt management in Kenya is to finance the Government financing requirements at the least cost with a prudent degree of risk. The 2011 Medium Term Debt Strategy (MTDS) outlines the government's preferred strategy to guide debt management operations in FY2011-12. It seeks to balance the cost and risk of both the existing public debt portfolio and alternative borrowing mix. This report explores the objectives of debt management in Kenya, an overview of the previous medium term debt strategy, key developments, characteristics of the existing debt portfolio, outcomes of analysis of strategies, debt sustainability and implementing the 2011 MTDS.

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Bibliographic Details
Main Author: Ministry of Finance
Language:English
en_US
Published: Nairobi 2011-06
Subjects:ACCOUNTING, ACTIVE DEBT, AMORTIZATION, ANNUAL BORROWING PLAN, AUCTION, AUCTIONS, BALANCE OF PAYMENT, BALANCE OF PAYMENTS, BANK DEBT, BANK LOAN, BANK RATE, BASIS POINTS, BENCHMARK BONDS, BIDS, BOND, BOND INDEX, BOND ISSUES, BORROWING PLAN, BORROWING STRATEGY, BUDGET DEFICIT, BULLET BOND, BULLET REPAYMENT, CAPACITY BUILDING, CAPITAL FLOW, CASH FLOW, CENTRAL BANK, CENTRAL GOVERNMENT DEBT, CENTRAL GOVERNMENT FINANCING, CENTRAL GOVERNMENT GUARANTEE, COMMERCIAL BANKS, COMMERCIAL LOAN, COMMERCIAL TERMS, COMPOSITION OF DEBT, CONSUMER PRICE INDEX, CONTINGENT LIABILITIES, CONTINGENT LIABILITY, CORPORATE BOND, CORPORATE BOND MARKETS, CORPORATE BONDS, COUPON, COUPON RATE, CREDIBILITY, CREDIT AGENCIES, CREDIT MARKET, CREDIT SPREAD, CREDITORS, CURRENCY COMPOSITION, DATED SECURITIES, DEBT, DEBT ACCUMULATION, DEBT BURDEN, DEBT FINANCING, DEBT ISSUES, DEBT LEVEL, DEBT MANAGEMENT, DEBT MANAGEMENT DEPARTMENT, DEBT MANAGEMENT OPERATIONS, DEBT MANAGEMENT STRATEGY, DEBT PORTFOLIO, DEBT RECORDING, DEBT REPAYMENT, DEBT SERVICE, DEBT STOCK, DEBT STRATEGY, DEBT SUSTAINABILITY, DEBT SUSTAINABILITY ANALYSIS, DEGREE OF RISK, DEPOSIT, DEVALUATION, DEVELOPMENT BANK, DISBURSEMENTS, DOMESTIC BORROWING, DOMESTIC CURRENCY, DOMESTIC DEBT, DOMESTIC DEBT MARKET, DOMESTIC DEBT MARKETS, DOMESTIC FINANCING, DOMESTIC INTEREST RATES, DOMESTIC MARKET, EMERGING MARKETS, EXCHANGE RATE, EXCHANGE RATE MOVEMENTS, EXCHANGE RATES, EXPENDITURE, EXPENDITURES, EXTERNAL BORROWING, EXTERNAL DEBT, EXTERNAL FINANCING, EXTERNAL RESOURCES, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCING REQUIREMENT, FINANCING REQUIREMENTS, FIXED INTEREST, FIXED INTEREST RATE, FLOATING RATE, FOREIGN CURRENCY, FOREIGN DEBT, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, GLOBAL ECONOMY, GOVERNMENT BORROWING, GOVERNMENT BUDGET, GOVERNMENT DEBT, GOVERNMENT INVESTMENT, GRACE PERIOD, GROSS DOMESTIC PRODUCT, IMPLICIT GUARANTEES, INFLATION, INFLATION RISK, INFORMATION SYSTEM, INFRASTRUCTURE BOND, INFRASTRUCTURE BONDS, INFRASTRUCTURE INVESTMENT, INSTITUTIONAL INVESTORS, INSTRUMENT, INTEREST COST, INTEREST COSTS, INTEREST PAYMENTS, INTEREST RATE, INTEREST RATE RISK, INTEREST RATES ON GOVERNMENT SECURITIES, INTEREST RATES ON TREASURY BILLS, INTERNATIONAL BOND, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKET, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL DEVELOPMENT, INTERNATIONAL FINANCE, INTERNATIONAL MARKET, INTERNATIONAL MARKETS, INVESTMENT BANK, INVESTMENT PROJECTS, INVESTOR BASE, INVESTOR DEMAND, IPO, ISSUANCE, ISSUANCE OF TREASURY BILLS, LEGAL FRAMEWORK, LEVEL OF DEBT, LEVEL OF RISK, LIQUIDITY, LOAN, LOAN AGREEMENTS, LOAN GUARANTEE, LOAN GUARANTEES, LOCAL ECONOMY, LONG-TERM DEBT, MACROECONOMIC ENVIRONMENT, MACROECONOMIC RISKS, MACROECONOMIC STABILITY, MARKET CONDITIONS, MARKET CONFIDENCE, MARKET DEEPENING, MARKET DEVELOPMENT, MARKET ENVIRONMENT, MARKET INFRASTRUCTURE, MARKET PARTICIPANTS, MARKET PRICES, MATURITIES, MATURITY, MATURITY STRUCTURE, MONETARY FUND, MONETARY POLICY, MONEY MARKET, MONEY MARKET INSTRUMENTS, NATURAL DISASTERS, OVERDRAFT FACILITY, PENSION, POLITICAL UNCERTAINTY, PORTFOLIO, PORTFOLIO RISKS, PUBLIC BORROWING, PUBLIC DEBT, PUBLIC DEBT MANAGEMENT, PUBLIC FINANCE, RATES OF RETURN, REAL INTEREST, REAL INTEREST RATE, REMITTANCE, REMITTANCES, REPO, REPO AGREEMENTS, REPO MARKET, RESERVES, RETAIL INVESTOR, RETURNS, RISK EXPOSURE, SECONDARY MARKET, SECONDARY MARKET TRADING, SECONDARY TRADING, SETTLEMENT, SETTLEMENT OF TRADES, SHORT TERM DEBT, SHORT-TERM BONDS, SHORT-TERM EXTERNAL DEBT, SHORT-TERM INTEREST RATES, SINKING FUND, SOVEREIGN BOND, SOVEREIGN DEBT, SOVEREIGN DEBT MARKETS, SOVEREIGN RISK, STOCK EXCHANGE, TOTAL DEBT, TRADING, TRADING SYSTEM, TRANSPARENCY, TREASURY, TREASURY BILL, TREASURY BILLS, TREASURY BOND, TREASURY BONDS, YIELD CURVE, YIELD CURVES,
Online Access:http://documents.worldbank.org/curated/en/2011/06/18792536/kenya-medium-term-debt-management-strategy-2011
https://hdl.handle.net/10986/17656
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Summary:The objective of debt management in Kenya is to finance the Government financing requirements at the least cost with a prudent degree of risk. The 2011 Medium Term Debt Strategy (MTDS) outlines the government's preferred strategy to guide debt management operations in FY2011-12. It seeks to balance the cost and risk of both the existing public debt portfolio and alternative borrowing mix. This report explores the objectives of debt management in Kenya, an overview of the previous medium term debt strategy, key developments, characteristics of the existing debt portfolio, outcomes of analysis of strategies, debt sustainability and implementing the 2011 MTDS.