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Bond Market News
Kenya’s Funding Program Size Scaled Back by the IMF
June 12, 2024
Kenya’s funding program size was scaled back by the IMF by $290mn in the latest review, as a result of easing financial conditions in the African nation. The IMF reached a staff-level agreement which cut Kenya’s access under the two credit facilities to SDR 2.71bn ($3.6bn) from SDR 2.93bn agreed to in November, according to the statement published by the IMF. The agreement, once approved by the IMF board, will give Kenya access to about $976mn. After the completion of the second review expected in July, the IMF will release an additional $120mn. Kenya has already conducted two bond buybacks this year, one in previous month and the other in February.
Kenya’s dollar bonds traded broadly stable with its 7% 2027s at 96.63 cents on the dollar, yielding 8.32%.
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