Kenya: Restructuring concerns and fiscal slippage weigh on bonds
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Mixed messages over Kenya's US$2bn June 2024 rollover plans and President Ruto's restructuring marks trigger uncertainty
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Interest-driven 1% of GDP widening of FY 23/24 deficit and evidence of revenue shortfalls point to rising fiscal risk
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Kenyan eurobonds have underperformed sharply this month as a result; retain Hold on Kenya '32s
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.