Republic
of Kenya
The
National Treasury
International
Sovereign Bond Issue
Request
for Expression of Interest
International Lead Counsel
Introduction
1.
The Government of the Republic of Kenya through The National Treasury is
considering accessing the international capital markets by the second half of
calendar year 2013 to issue a sovereign bond.
The
targeted amount is provisionally set at USD 1,000 million and will primarily be
used to finance infrastructure development in Kenya.
2.
Through the proposed transaction, the Government of the Republic of Kenya
intends to diversify its investor base, establish a pricing benchmark for
future issuance by both the public and private sector, as well as to promote
the Republic’s reputation and visibility amongst the international investor
community.
Scope
of work
3.
To provide comprehensive lead counsel services in international sovereign bond
issue. This shall inter-alia include:
i.
Working with the National Treasury to ensure timely completion of the
transaction;
ii.
Conducting due diligence, drafting and reviewing documentation for the
issuance, including the
prospectus and related documentation;
prospectus and related documentation;
iii.
Advising the issuer on US and European securities law relating to disclosure,
liability and placement issues as they may arise;
iv.
Advising the issuer and assisting with negotiating contractual arrangements
with lead managers/book runners;
v.
Preparing and coordinating legal and disclosure opinions to be given in
connection with the issue; and
vi.
Performing such other services as may be mutually agreed between the law firm
and the Government of the Republic of Kenya.
4.
The National Treasury now invites eligible and experienced international law
firms to indicate their interest in providing the aforementioned services.
Prospective
candidates should demonstrate the following in their response:
i.
Verifiable track record over the past five years in providing legal advice for
sovereign bond issuances in emerging markets, including debut issuance;
ii.
International track record reflecting the firm’s sovereign finance transactions
in the last five years, with particular emphasis on the emerging markets.
iii. Professional capability to undertake the work.
International Lead Manager
Introduction
1.
The Government of the Republic of Kenya through the National Treasury is
considering accessing the international capital markets by the second half of
calendar year 2013 to issue a sovereign bond.
The
targeted amount is provisionally set at USD 1,000 million and will be primarily
used to finance infrastructure development in Kenya.
2.
Through the proposed transaction, the Government of the Republic of Kenya
intends to diversify its investor base, establish a pricing benchmark for
future issuance by both the public and private sector, as well as to promote
the Republic’s reputation and visibility amongst the international investor
community.
Scope
of work
3.
To provide comprehensive Lead Manager Services in international sovereign bond
issue. This shall inter-alia include:
i)
Working with the National Treasury to ensure timely completion of the
transaction;
ii)
Appointing Manager’s Counsel and both conducting due diligence on the Offering
and commenting on the draft of the Offering Circular in a time-efficient
manner;
iii)
Assisting the National Treasury in determining the most appropriate timing,
format, amount, tenor, coupon, all-in-cost, other relevant terms and conditions
of the bond, including best pricing scheme;
iv)
Preparing, together with the Manager’s Counsel, the legal documents and
agreements relevant to the Offering
v)
Arranging Road Shows and Conference Calls to update investors as required
vi)
Liaising with potential investors and managing the Book Building process for
the Offering;
vii)
Completing all aspects of listing and rating procedures;
viii)
Acting as coordinator for all advisors (legal, accounting, etc.) involved in
the Notes issuance;
4.
The National Treasury now invites internationally acclaimed, experienced and
recognized financial
institutions specialized in the provision of comprehensive lead manager services in sovereign debt issues at least over the last three years to express their interest in providing these services.
institutions specialized in the provision of comprehensive lead manager services in sovereign debt issues at least over the last three years to express their interest in providing these services.
Interested
firms shall provide information indicating their:-
i)
Professional experience in the issuance of international sovereign bond in
emerging markets.
ii)
International track record in secondary market support of international
sovereign bond issue.
iii)
Professional capability to undertake the work.
Submission
5.
Completed Expression of Interest documents in plain sealed envelope clearly marked
on top “EOI for International Lead Manager” should be sent to the address
below:-
Financial
Secretary
The National Treasury
6th Floor Treasury Building
Harambee Avenue
P.O. Box 30007 – 00100 GPO
Nairobi, Kenya
The National Treasury
6th Floor Treasury Building
Harambee Avenue
P.O. Box 30007 – 00100 GPO
Nairobi, Kenya
Deadline
for submission of Expression of Interest is 15th July 2013 at 1600 hours Kenyan
local time.
Request
for Proposal (RFP) document will be sent to each short-listed firm thereafter.
Enquiries
6.
Requests for further information or clarifications from interested eligible
international financial institutions should be addressed to:
Director,
Debt Management Department
Debt Management Department
Tel
No.
+254 20 316718;
Fax
No.
+254 20 315294
Email:
dmd@treasury.go.ke
or jmurugu@treasury.go.ke
ISO
9001:2008 Certified.