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Kenya has raised Ksh108 billion through the issuance of a 12-year Eurobond in the international financial markets following a three-day virtual roadshow, the Treasury said.

The bond was over-subscribed with over 5.4 billion dollars offered by investors to the new issue, Ukur Yatani, cabinet secretary at National Treasury and Planning, said in a statement.

“The overwhelming response from global investors reflects the market’s continued confidence in Kenya’s economic recovery program supported by the International Monetary Fund (IMF) and is in line with our medium-term debt management strategy approved by parliament,” Yatani said.

According to the Treasury, the new Eurobond was the first issue by the east African nation in two years.