AN EAST Africa lending drive is prompting Real People Investment Holdings to sell its first bond in Kenya, as the South African company seeks to counter slowing growth at home.The lender may raise as much as 2-billion Kenyan shillings ($23m) of two-to four-year securities, CEO Neil Grobbelaar said last week.Real People sold rand debt due March 2015 pegged to interbank rates in March with a 7.81% coupon. That compares with 12.75% on September 2018 debt for the Nairobi-based housing finance firm Shelter Afrique.Real People, which provides loans for homes and small businesses, is expanding in Kenya, Uganda and Tanzania as SA risks falling into a recession amid rising unemployment and interest rates. The company has invested R300m in Kenya and wants to avoid currency fluctuations by raising local funding for the Nairobi unit, the CEO said."The management of Real People’s debt and its liquidity profile is quite sophisticated," said Prudential Investment Managers money manager Gareth Bern...
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