Kenya Eurobond investors shaken by Gen Z protests

Young protestors during a mass proteston Koinange Street, Nairobi on June 25, 2024. 

Photo credit: Wilfred Nyangaresi | Nation Media Group

International investors have raised their risk rating on Kenya’s Eurobonds in response to the widespread anti-tax protests that turned deadly on Tuesday and forced President William Ruto to withdraw the Finance Bill 2024 on Wednesday.

The yields on the Eurobonds that trade on the London Stock Exchange rose to levels last seen in February when Kenya’s credit risk profile had gone up on fears the country could default on its 2014 sovereign bond.

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