Kenya

Kenya's sell-off has created a Buy opportunity

  • Kenya has been a major underperformer this year amid large twin deficits and looming elections in August

  • The elections will likely to lead to fiscal slippage with Kenya nearing a 'do or die' moment to consolidate the budget

  • The sell-off has overshot fundamentals; we upgrade KENINT 8 05/22/2032s to Buy

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