ABK, but at 20%, it might be worth a look. 15% if fully guaranteed by GoK.
Kanjo has no finance so u might find u don't get interest paid.

If the Principal & Interest is 100% covered/guaranteed by GoK... then there is little risk... Otherwise, I will stay clear! I am much happier earning 3.5% dividend from decent NSE firms than risk 100% with NCC for a perceived higher gain!

Clearly a lot more thought needs to be put into this and more details provided. The projects mentioned are of a non-revenue nature, unless they propose to start charging i.e. toll roads, fee paying hospitals (and not the current rates) etc, while ensuring that there are no leakages.

100 Billion is way way too ambitious - the interest alone would be like 10 Billion annually. Wajaribu na kitu kama 5 Billion kwanza - guaranteed by the Central Govt, then we will see.

They can't raise 100B at once. It would have to be graduated bonds totaling 100B!

Like Chairman says, municipal bonds are very good investments. They've been very successful in South Africa and China. The challenge here lies in the structuring of the bond.

Like the IFC said, if it is a revenue bond, it will have little risk as long as it is 100% guaranteed by GoK. But if it is a finance bond stay away from it!

They also need to clean up first.... i know some kanjoras are already drooling at the thought of 100bn in their 'hands' and some strategizing on how to be in the finance committee.....