Kenya: Restructuring concerns and fiscal slippage weigh on bonds

  • Mixed messages over Kenya's US$2bn June 2024 rollover plans and President Ruto's restructuring marks trigger uncertainty

  • Interest-driven 1% of GDP widening of FY 23/24 deficit and evidence of revenue shortfalls point to rising fiscal risk

  • Kenyan eurobonds have underperformed sharply this month as a result; retain Hold on Kenya '32s
September 27th, 2023
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