Kenya Eurobond yield at month’s low as maturity nears
The yield on Kenya's Eurobond due in June experienced a decline to the lowest level in about a month after the deadline for a coupon payment had passed. The yield dropped by 64 basis points to 13.513% in Nairobi at 2:26 p.m., according to data from Bloomberg.
Kenya had until December 24 to make the interest payment for the $2 billion debt issued nearly 10 years ago at a rate of 6.875%. The price of the maturing Eurobond has demonstrated volatility in secondary market trading as investors seek a potential premium.
The 10-year sovereign bond, issued in June 2014 and traded on the Irish stock market, has witnessed weekly yield fluctuations of more than a percentage point since the start of November. In contrast, the other five outstanding Eurobond issues, maturing between 2027 and 2048, have experienced more modest yield movements.
Points clés à retenir
The relationship between bond prices and yields typically follows an inverse pattern, where an increase in one rate corresponds to a decrease in the other. In the secondary market, bonds are traded at a premium or discount to their face value—the original value or cost of the bond at its initial issue. Very recently, the International Monetary Fund (IMF) reached a staff-level agreement with Kenya, unlocking immediate access to a $682.3 million tranche and bolstering the current lending program by $938 million. Pending approval from the executive board of the Washington-based fund, Kenya is set to gain access to a total of $3.88 billion. This additional funding will increase its total support under the existing Extended Fund Facility and Extended Credit Facility arrangements to $4.43 billion, according to the Fund.
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