Kenya: Near-term funding risks resolved but risks remain

  • Kenya's US$1.5bn, 10.375% eurobond issuance enabled it to tender US$1.443bn of its looming US$2bn June eurobond maturity

  • Rising domestic yields and cUS$1.65bn infrastructure bond issuance have reduced domestic funding risks and supported KES

  • Near-term liquidity risks now contained; retain Hold on KENINT 8 05/22/2032s & initiate Buy on KENIB 18.461 08/09/2032s

February 28th, 2024
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