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The Journal of Structured Finance

The Journal of Structured Finance

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Primary Article

Accessing Local Currency Through Credit-Enhanced Bond Structures in Africa

A Case Study of Safaricom's Medium-Term Floating-Rate Secured Note Issue

Christopher Mark Jackson
The Journal of Structured Finance Summer 2002, 8 (2) 26-31; DOI: https://doi.org/10.3905/jsf.2002.320277
Christopher Mark Jackson
A director and co-head of Media and Telecommunications at Global Project Finance—CEEMEA in London, England.
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Abstract

This article describes a private placement and subsequent public listing of local-currency, five-year amortizing notes for a Kenyan wireless telecom operator. For the borrower, local currency financing reduces currency mismatch risk and provides an additional source of liquidity among local banks and institutional investors. Credit-Enhanced Local Currency Bonds (CELC bonds), covered by full or partial guarantees from export credit or multilateral agencies and sold to local investors, are an attractive alternative to local bank financing. Following a successful public issuance, they can broaden the issuer's profile in the local market.

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The Journal of Structured Finance
Vol. 8, Issue 2
Summer 2002
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Accessing Local Currency Through Credit-Enhanced Bond Structures in Africa
Christopher Mark Jackson
The Journal of Structured Finance Jul 2002, 8 (2) 26-31; DOI: 10.3905/jsf.2002.320277

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Accessing Local Currency Through Credit-Enhanced Bond Structures in Africa
Christopher Mark Jackson
The Journal of Structured Finance Jul 2002, 8 (2) 26-31; DOI: 10.3905/jsf.2002.320277
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