Nairobi, May 14 -- Kenya Mortgage Refinance Company (KMRC)'s inaugural green bond defied absence of a tax-free sweetener to attract bids worth Sh9.4 billion against the targeted Sh3 billion, representing a performance of 312.8 percent.

The mortgage refinancing company will use the billions to provide cheap loans for green buildings, which are designed to use natural sustainable materials, be energy efficient and reduce water use in efforts to minimise environmental impact.

The eight-year paper priced at 12.2 percent was on offer between April 28 and May 12, 2026 and is earmarked for listing on the Nairobi Securities Exchange (NSE) on May 25.

The performance underscores high appetite for environmentally conscious debt raise issuance, wi...