Kenyan mortgage financier Housing Finance has secured approval to issue a 20 billion shillings ($234.33 million) corporate bond, the market regulator said on Friday.
The east African nation faces a huge annual housing deficit, with some independent studies putting the demand at 160,000 units per year, against a supply of 30,000 units.
The regulator Capital Markets Authority (CMA) said in a statement that the bond will be classified as a medium-term note.
Executives of Housing Finance, which has recently moved into developing houses as well, were not immediately available for a comment. ($1 = 85.3500 Kenyan shillings) (Reporting by Duncan Miriri; Editing by David Cowell)
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