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In May this year, Kenya Mortgage Refinance Company (KMRC) issued a sustainability bond on Nairobi Stock Exchange(NSE). The listing attracted investor demand exceeded by 312.8 per cent to hit Sh9.4 billion, way above the targeted Sh3 billion.
According to KMRC’s chief executive Johnstone Oltetia, the successful issuance was a built on the company's inaugural corporate bond floated in 2022, with investor confidence playing a central role in the latest milestone.
"When you look at what drove the investor confidence, it's pretty much about their trust in KMRC, in our governance frameworks and the role that we are playing in the affordable housing finance space in Kenya," Oltetia said during an interview with Real Estate at his office in Nairobi's Upper Hill.
He added that investors were further attracted by the bond's clear social and environmental objectives.
