Staff Writer, Reuters News
JOHANNESBURG – Kenya’s sovereign dollar-denominated bonds rose on Wednesday after the International Monetary Fund (IMF) agreed in principle to release $433 million of funding, while Nigeria’s also chalked up gains amid improved emerging market risk appetite.
Kenya’s 2032 maturity rose the most, up 1 cent to 79.635 cents in the dollar at 1155 GMT, its highest in almost two months, according to Tradeweb data.
The IMF said yesterday it had reached a staff-level agreement with Kenya on the fourth review of its lending programme, with $433 million to be released when the fund’s board signs off on it.
Nigeria’s 2029 Eurobond was up 1.2 cents to 78.262 cents in the dollar, according to Tradeweb data, with hopes that the U.S. Federal Reserve could slow the pace of interest rate hikes supporting some riskier assets.