The Chinese embassy in Nairobi said that China was in talks with Kenya on a debt-service suspension deal, days after the Paris Club agreed to delay $300mn in payments by Kenya. China signed payment suspension agreements with 12 African countries and gave waivers on mature interest-free loans for 15 African nations under the G-20 framework, the embassy said. China is Kenya’s second biggest creditor (21% of external debt), after the World Bank (25% of external debt) and applied for ~$370mn in waivers under the Debt Service Suspension Initiative (DSSI). Kenya’s 8.25% 2048s were down 0.1 to 111.84, yielding 7.25%.

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