We maintain our Hold on Kenya 24s (yield of 6.4%, z-spread 361bp), and initiate with a Hold recommendation on Kenya 19s (yield of 3.3%, z-spread 94bp).
Sovereign Analysis /Sub Sahara Africa
KENYA: Booming economy, tenuous debt situation; Hold
In this note, we set out our thoughts in more detail after our recent research trip to Kenya, where we met a mix of private and public sector participants. Our key findings echo those that we have discussed in the past, both in our 2018 Outlook in January and our post IMF/WB Meetings notes from October.