Kenya has kicked off its fourth Eurobond offer with a promise to review the size of the economy later in the year through a rebasing similar to the one conducted in 2014.

Kenya has appointed Citi and JP Morgan as joint book-runners for a dollar-denominated sovereign bond issue, and I&M Bank (NSE:IMH) and NCBA Group (NSE:NCBA) as co-managers.

Kenya’s annual inflation rose to 5.9% in March, the highest rate in 10 months, from 5.8% in February. The inflation rate maintained an upward trend mainly due to the increase in the price of fuel and some food items during that period. According to data from the Central Bank of Kenya, fuel price went up by 15.8% while the price of food items rose 6.7%. Non-fuel and non-food prices increased by 2.3%.

Fitch Ratings has affirmed Kenya Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at ‘B+’ with a Negative Outlook.