Clearstream has added Kenya to its global market link network, providing institutional investors with access to Kenyan government bonds, infrastructure bonds and treasury bills through a single access point.
The connection, which went live on 29 June, is Clearstream’s 60th domestic market link and, according to the company, makes it the only international central securities depository (ICSD) offering access to the Kenyan market. Standard Chartered Kenya will serve as local custodian with the Central Bank of Kenya and as cash correspondent bank for the Kenyan shilling.
Access without local accounts
According to Clearstream, clients will be able to settle and safekeep Kenyan government debt securities, use them in collateral management and access foreign exchange services for the Kenyan shilling without opening local accounts or completing local registration.
“The new link to Kenya is an important milestone,” said Jan Willems, head of Global Markets at Clearstream.
The Central Bank of Kenya said the link is expected to “provide efficient access by international investors to Kenyan Government securities” and “deepen liquidity, broaden the investor base, and enhance resilience of the domestic debt market.”
