Kenya
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Emerging market governments have to placate the markets and their citizens -
Egypt and Tunisia are in a stickier state than Kenya but investors expect them to survive near-term
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East African sovereign gets to grips with debt management with new issue that yielded 10.375% at reoffer
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Investors are happy Kenya is preparing for its upcoming $2bn maturity
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Investors had been worrying Kenya could default on $2bn bond
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Sirima will stay till June when major bond needs repaying
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Sovereigns have managed to source other financing while bond markets have closed to them
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Many of the region’s states that have market access feel little need to issue new bonds
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Authorities are making headway in improving finances but pitfalls lie ahead of $2bn maturity in 2024
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There would still be hurdles and an agreement may even make defaults more likely
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Investors saw William Ruto as the more market-friendly of Kenya’s potential presidents
