News of a successful debut Eurobond worth $2 billion shillings helped the Kenyan shilling appreciate this week, shrugging off negative sentiments of the impact of renewed terrorist attacks and rising political temperatures in the east African Nation.

Reuters reported that the country’s currency gained 0.6 percent against the dollar since the week began and quoted trader in local banks saying the unit could firm further in coming days supported a tight shilling liquidity in the market as companies raced to meet the deadline for tax payments.

According to Reuters data Kenya’s average overnight interest rate for banks in the interbank market has nearly doubled since June 13 to close to 6 percent.

On Wednesday, the National Treasury confirmed it had raised a total $2 billion with a debut Eurobond with 5-year and 10-year tranches. The cash will be used for budget support and repayment of a USD600 million syndicated loan.

A day earlier, a senior official said the Eurobond had been oversubscribed and had received bids worth USD8.8 billion.

“It’s slightly stronger. I suppose it is sentiments from the Eurobond and confidence shown by international investors in Kenya because of oversubscription in the bond,” Andlip Nazir, senior trader at I&M Bank, told Reuters.

“I think that’s pushing the market. So there is good demand at these levels but we should see a gradual shilling strengthening.”

A senior Treasury official, who asked not to be named, told Reuters that the five-year bond had a yield of 5.875 percent while the 10-year portion came with a yield of 6.875 percent.