Investors Are Unloading Kenyan Bonds as Default Fears Rise
- Yields on 2028 debt rise above ‘distressed’ threshold
- Attention turns to $2 billion payment due in June 2024
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Concerns that Kenya is heading toward default are ramping up.
The extra yield investors demand to hold the nation’s dollar bonds over US Treasuries indicated a rise to 1,019 basis points on Monday, above the the 1,000 level widely considered by bond traders as distressed. The bonds yielded 993 basis points at the close on Friday, according to a JPMorgan index.