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Kenya’s President William Ruto announced that they will make a payment of $300mn next month on its $2bn 6.875% dollar bonds due June 2024. The announcement comes after holding talks with funders to help finance the repayment. The planned buyback has been cut from an earlier target of 50% as reported in June. According to an adviser to the president, the IMF is likely to provide Kenya additional $650mn of funding. However, some money managers were apprehensive of the move since Kenya is facing dollar shortages and the buyback would deplete the foreign reserves of the country. As reported earlier in August, Moody’s warned that any redemption under par value may constitute a default.
Kenya’s dollar bonds traded stable with its 6.875% 2024s at 95.4 cents on the dollar, yielding 15%.
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