Kenya’s Eurobond Yield at Month’s Low After Coupon Payment
- Nation was due to make a coupon payment on the debt by Dec. 24
- Planned to redeem $300 million of eurobond ahead of maturity
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Kenya made an interest payment on its eurobonds maturing in June on schedule, according to Danske Bank Asset Management, triggering a rally in the bonds.
The yield on the securities dropped 65 basis points to 13.5% by 4:18 p.m. in the capital, Nairobi, according to data tracked by Bloomberg, the lowest since Nov. 23. The East African nation had until Dec. 24 to make the interest payment for the $2 billion of debt issued almost 10 years ago at 6.875%.