Ministry of Finance2014-04-072014-04-072010-06https://hdl.handle.net/10986/17657The objective of debt management in Kenya is to finance the Government financing requirements at the least cost with a prudent degree of risk. The 2010 Medium Term Debt Strategy (MTDS) is a versatile public debt management tool linked to the medium term fiscal framework that contains prudent revenue projections and planned expenditures consistent with Kenya's economic recovery effort. The strategy seeks to address the terms of new borrowing, including the appropriate mix between domestic and external debt. This report explores the objectives of debt management in Kenya, an overview of the previous medium term debt strategy, key developments, characteristics of the existing debt portfolio, outcomes of analysis of strategies, debt sustainability and implementing the 2010 MTDS.en-USCC BY 3.0 IGOACCOUNTINGACTIVE DEBTAMORTIZATIONANNUAL BORROWING PLANAUCTIONBALANCE OF PAYMENTBALANCE OF PAYMENTSBANK RATEBASIS POINTSBENCHMARK BONDSBILATERAL CREDITORSBONDBOND INDEXBOND ISSUESBORROWING PLANBORROWING PLANSBORROWING STRATEGYBUDGET DEFICITBULLET BONDBULLET REPAYMENTCAPACITY BUILDINGCAPITAL FLOWCASH FLOWCENTRAL BANKCENTRAL GOVERNMENT DEBTCOMMERCIAL BANKSCOMMERCIAL DEBTCOMMERCIAL TERMSCOMPOSITION OF DEBTCONSUMER PRICE INDEXCONTINGENT LIABILITIESCONTINGENT LIABILITYCORPORATE BONDCORPORATE BOND MARKETSCOUPONCOUPON RATECREDIBILITYCREDIT AGENCIESCREDIT MARKETCREDIT SPREADCREDITORCREDITORSCURRENCY COMPOSITIONDEBTDEBT BURDENDEBT DATABASEDEBT FINANCINGDEBT ISSUESDEBT LEVELDEBT MANAGEMENTDEBT MANAGEMENT DEPARTMENTDEBT MANAGEMENT OPERATIONSDEBT MANAGEMENT STRATEGYDEBT MANAGERSDEBT PORTFOLIODEBT RECORDINGDEBT RECORDING SYSTEMDEBT REPAYMENTDEBT SERVICEDEBT STOCKDEBT STRATEGYDEBT SUSTAINABILITYDEBT SUSTAINABILITY ANALYSISDEGREE OF RISKDEPOSITDEVALUATIONDEVELOPMENT BANKDISBURSEMENTDISBURSEMENTSDOMESTIC BORROWINGDOMESTIC DEBTDOMESTIC DEBT MARKETDOMESTIC FINANCINGDOMESTIC INTEREST RATESDOMESTIC MARKETEMERGING MARKETSEXCHANGE RATEEXCHANGE RATE MOVEMENTSEXCHANGE RATESEXPENDITUREEXPENDITURESEXTERNAL BORROWINGEXTERNAL DEBTEXTERNAL FINANCINGEXTERNAL LOANSEXTERNAL RESOURCESFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCING REQUIREMENTFINANCING REQUIREMENTSFIXED INTERESTFIXED INTEREST RATEFLOATING RATEFOREIGN CURRENCYFOREIGN DEBTFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN INVESTORSGLOBAL ECONOMYGOVERNMENT BORROWINGGOVERNMENT BUDGETGOVERNMENT DEBTGOVERNMENT FINANCINGGOVERNMENT INVESTMENTGRACE PERIODGROSS DOMESTIC PRODUCTHOLDINGSHUMAN RESOURCEINFLATIONINFLATION RISKINFLATIONSINFORMATION SYSTEMINFRASTRUCTURE BONDINFRASTRUCTURE BONDSINFRASTRUCTURE INVESTMENTINSTITUTIONAL INVESTORSINSTRUMENTINTEREST COSTSINTEREST RATEINTEREST RATE RISKINTEREST RATES ON GOVERNMENT SECURITIESINTEREST RATES ON TREASURY BILLSINTERNATIONAL BONDINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETINTERNATIONAL CAPITAL MARKETSINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCEINTERNATIONAL MARKETINVESTMENT BANKINVESTMENT PROJECTSINVESTOR BASEINVESTOR DEMANDINVESTORS IN GOVERNMENT SECURITIESIPOISSUANCEISSUANCE OF TREASURY BILLSLEGAL AUTHORITYLEGAL FRAMEWORKLEVEL OF DEBTLIQUIDITYLOANLOAN AGREEMENTLOAN GUARANTEELOAN GUARANTEESLOCAL ECONOMYLONG-TERM DEBTMACROECONOMIC ENVIRONMENTMACROECONOMIC POLICYMACROECONOMIC RISKSMACROECONOMIC STABILITYMARKET CONDITIONSMARKET DEEPENINGMARKET DEVELOPMENTMARKET ENVIRONMENTMARKET INFRASTRUCTUREMARKET PARTICIPANTSMARKET PRICESMATURITIESMATURITYMATURITY STRUCTUREMONETARY FUNDMONETARY POLICYMONEY MARKETMONEY MARKET INSTRUMENTSMULTILATERAL CREDITORSNATURAL DISASTERSOVERDRAFT FACILITYPOLITICAL UNCERTAINTYPORTFOLIOPORTFOLIO MANAGEMENTPORTFOLIO RISKSPRINCIPAL PAYMENTSPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC EXTERNAL DEBTRATES OF RETURNREAL INTERESTREMITTANCEREMITTANCESREPOREPO AGREEMENTSREPO MARKETRESERVESRETAIL INVESTORRETAIL INVESTORSRETURNSRISK EXPOSURERISK OF DEFAULTSECONDARY MARKETSECONDARY MARKET TRADINGSETTLEMENTSETTLEMENT OF TRADESSHORT-TERM BONDSSHORT-TERM EXTERNAL DEBTSHORT-TERM INTEREST RATESSINKING FUNDSOVEREIGN BONDSOVEREIGN DEBTSOVEREIGN DEBT MARKETSSOVEREIGN RISKSTOCK EXCHANGETOTAL DEBTTOTAL EXTERNAL DEBTTRADINGTRADING SYSTEMTRANSPARENCYTREASURYTREASURY BILLTREASURY BILLSTREASURY BONDSYIELD CURVEYIELD CURVES10.1596/17657