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Kenya raised $210mn in funding from pan-African lender, Trade & Development Bank (TDB) on Friday. This funding is in addition to the $941mn funding which was approved by the IMF last week. Kenya is expecting additional funds from the World Bank and African Development Bank in addition to the financing from TDB before June 30. This is said to help meet its external loan obligations of $3.5bn in the current fiscal year. Kenya’s fund raising is aimed to meet its 6.875% 2024s payment due on June 24, however, the country is also exploring a debt rollover option.
Kenya’s 6.875% 2024s ticked higher by 0.4 points to trade at 97.7 cents on the dollar currently, yielding 12.6%.
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