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Chaos Before Kenya’s Election Results Triggers Eurobonds Sell Off

A barricade burns in front of Kenyan Police Officers in the informal settlement of Mathare in Nairobi, on Aug. 15.

A barricade burns in front of Kenyan Police Officers in the informal settlement of Mathare in Nairobi, on Aug. 15.

Photographer: Luis Tato/AFP/Getty Images

Kenya’s Eurobond yields surged as a scuffle broke out at the nation’s vote tallying center before the electoral agency declared William Ruto winner of the Aug. 9 presidential election.

The yield on dollar bonds maturing in 2024 jumped 336 basis points to 15.508%, while the ones due in 2032 rose 65 basis points to 12.074% by 9:26 p.m. in the capital, Nairobi.