Kenya
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Issuance net of buy-backs is not that high, and there is no sign of any indigestion -
Ivory Coast squeezed tight, taking $1.3bn in an 'aggressive' execution
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The government has been much more proactive in its debt management since a scare in 2024
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The government is struggling to bring in reforms to fix Kenya's fiscal problem
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Sovereign pays zero new issue premium as books for 10 year deal top $4.9bn
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East African sovereign could print $1bn-$1.5bn, depending on demand for the tender
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Emerging market governments have to placate the markets and their citizens
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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
