Safaricom Sells $154 Million Bond in Just Hours as Demand Soars

Kenya's largest telecoms company, Safaricom, has raised 20 billion shillings ($154 million) in a rapid bond sale. Investor demand was so strong that orders reached nearly three times the initial target amount. The company secured the full sum from this first part, or "tranche," of a planned multi-year fundraising program. The successful sale highlights strong investor confidence in Safaricom. The funds are expected to support the company's strategic expansion, including the growth of its mobile money service, M-Pesa, and its Ethiopian operations. A "medium-term note" programme is a way for a company to borrow money from investors over a set period, typically several years.