Ministry of Finance2014-04-072014-04-072011-06https://hdl.handle.net/10986/17656The objective of debt management in Kenya is to finance the Government financing requirements at the least cost with a prudent degree of risk. The 2011 Medium Term Debt Strategy (MTDS) outlines the government's preferred strategy to guide debt management operations in FY2011-12. It seeks to balance the cost and risk of both the existing public debt portfolio and alternative borrowing mix. 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 2011 MTDS.en-USCC BY 3.0 IGOACCOUNTINGACTIVE DEBTAMORTIZATIONANNUAL BORROWING PLANAUCTIONAUCTIONSBALANCE OF PAYMENTBALANCE OF PAYMENTSBANK DEBTBANK LOANBANK RATEBASIS POINTSBENCHMARK BONDSBIDSBONDBOND INDEXBOND ISSUESBORROWING PLANBORROWING STRATEGYBUDGET DEFICITBULLET BONDBULLET REPAYMENTCAPACITY BUILDINGCAPITAL FLOWCASH FLOWCENTRAL BANKCENTRAL GOVERNMENT DEBTCENTRAL GOVERNMENT FINANCINGCENTRAL GOVERNMENT GUARANTEECOMMERCIAL BANKSCOMMERCIAL LOANCOMMERCIAL TERMSCOMPOSITION OF DEBTCONSUMER PRICE INDEXCONTINGENT LIABILITIESCONTINGENT LIABILITYCORPORATE BONDCORPORATE BOND MARKETSCORPORATE BONDSCOUPONCOUPON RATECREDIBILITYCREDIT AGENCIESCREDIT MARKETCREDIT SPREADCREDITORSCURRENCY COMPOSITIONDATED SECURITIESDEBTDEBT ACCUMULATIONDEBT BURDENDEBT FINANCINGDEBT ISSUESDEBT LEVELDEBT MANAGEMENTDEBT MANAGEMENT DEPARTMENTDEBT MANAGEMENT OPERATIONSDEBT MANAGEMENT STRATEGYDEBT PORTFOLIODEBT RECORDINGDEBT REPAYMENTDEBT SERVICEDEBT STOCKDEBT STRATEGYDEBT SUSTAINABILITYDEBT SUSTAINABILITY ANALYSISDEGREE OF RISKDEPOSITDEVALUATIONDEVELOPMENT BANKDISBURSEMENTSDOMESTIC BORROWINGDOMESTIC CURRENCYDOMESTIC DEBTDOMESTIC DEBT MARKETDOMESTIC DEBT MARKETSDOMESTIC FINANCINGDOMESTIC INTEREST RATESDOMESTIC MARKETEMERGING MARKETSEXCHANGE RATEEXCHANGE RATE MOVEMENTSEXCHANGE RATESEXPENDITUREEXPENDITURESEXTERNAL BORROWINGEXTERNAL DEBTEXTERNAL FINANCINGEXTERNAL RESOURCESFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCING REQUIREMENTFINANCING REQUIREMENTSFIXED INTERESTFIXED INTEREST RATEFLOATING RATEFOREIGN CURRENCYFOREIGN DEBTFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESGLOBAL ECONOMYGOVERNMENT BORROWINGGOVERNMENT BUDGETGOVERNMENT DEBTGOVERNMENT INVESTMENTGRACE PERIODGROSS DOMESTIC PRODUCTIMPLICIT GUARANTEESINFLATIONINFLATION RISKINFORMATION SYSTEMINFRASTRUCTURE BONDINFRASTRUCTURE BONDSINFRASTRUCTURE INVESTMENTINSTITUTIONAL INVESTORSINSTRUMENTINTEREST COSTINTEREST COSTSINTEREST PAYMENTSINTEREST RATEINTEREST RATE RISKINTEREST RATES ON GOVERNMENT SECURITIESINTEREST RATES ON TREASURY BILLSINTERNATIONAL BONDINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETINTERNATIONAL CAPITAL MARKETSINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCEINTERNATIONAL MARKETINTERNATIONAL MARKETSINVESTMENT BANKINVESTMENT PROJECTSINVESTOR BASEINVESTOR DEMANDIPOISSUANCEISSUANCE OF TREASURY BILLSLEGAL FRAMEWORKLEVEL OF DEBTLEVEL OF RISKLIQUIDITYLOANLOAN AGREEMENTSLOAN GUARANTEELOAN GUARANTEESLOCAL ECONOMYLONG-TERM DEBTMACROECONOMIC ENVIRONMENTMACROECONOMIC RISKSMACROECONOMIC STABILITYMARKET CONDITIONSMARKET CONFIDENCEMARKET DEEPENINGMARKET DEVELOPMENTMARKET ENVIRONMENTMARKET INFRASTRUCTUREMARKET PARTICIPANTSMARKET PRICESMATURITIESMATURITYMATURITY STRUCTUREMONETARY FUNDMONETARY POLICYMONEY MARKETMONEY MARKET INSTRUMENTSNATURAL DISASTERSOVERDRAFT FACILITYPENSIONPOLITICAL UNCERTAINTYPORTFOLIOPORTFOLIO RISKSPUBLIC BORROWINGPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC FINANCERATES OF RETURNREAL INTERESTREAL INTEREST RATEREMITTANCEREMITTANCESREPOREPO AGREEMENTSREPO MARKETRESERVESRETAIL INVESTORRETURNSRISK EXPOSURESECONDARY MARKETSECONDARY MARKET TRADINGSECONDARY TRADINGSETTLEMENTSETTLEMENT OF TRADESSHORT TERM DEBTSHORT-TERM BONDSSHORT-TERM EXTERNAL DEBTSHORT-TERM INTEREST RATESSINKING FUNDSOVEREIGN BONDSOVEREIGN DEBTSOVEREIGN DEBT MARKETSSOVEREIGN RISKSTOCK EXCHANGETOTAL DEBTTRADINGTRADING SYSTEMTRANSPARENCYTREASURYTREASURY BILLTREASURY BILLSTREASURY BONDTREASURY BONDSYIELD CURVEYIELD CURVES10.1596/17656