Kenya’s Eurobonds Plunge as Ruto Touts Debt Relief
- Yields on bonds due 2032 soar 41 basis points to 12.36%
- Ruto calls for tenor extensions and 10-year grace period
William Ruto
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Kenya’s eurobonds plunged Friday after President William Ruto said rich countries should work toward “a new sovereign debt architecture” to provide relief for poor nations.
While Ruto didn’t refer to Kenya specifically, investors were “spooked” by his remarks on debt restructuring, according to Yvette Babb, local and hard currency portfolio manager at William Blair.