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Kenya Eurobonds rally on Moody’s rating upgrade
The National Treasury has set its sights on only issuing new Eurobonds to refinance more expensive sovereign instruments as part of liability management operations.
The higher rating by Moody’s has helped extend the rally in Kenyan Eurobonds as investors acknowledge lower country credit default risks.
Traded Eurobond yields fell by between 0.019 percentage points and 0.133 percentage points last week on the backdrop of the ratings upgrade as per data from Bloomberg.
