Kenya plans to raise $388 mln in 15-year infrastructure bond

Kenya will sell a 15-year infrastructure bond this month to raise 40 billion shillings ($388.35 million), the central bank said on Tuesday.
The bond, which is tax-free to encourage investors, will carry a coupon of 12.5 percent, the bank said in a prospectus. Marketing for the Jan. 24 sales started on Tuesday.
Funds raised using infrastructure bonds are earmarked for construction projects such as building roads.