NAIROBI, June 12 (Reuters) – Kenya’s international bonds gained on Friday as investors viewed a potential deal to end the conflict in the Middle East as beneficial to the East African nation, which has experienced retail fuel price jumps that sparked deadly protests last month.
The 2048 maturity added more than 2 cents to bid at 95.8 cents on the dollar, its highest in almost four months, Tradeweb data showed. Longer-dated international bonds from other emerging market oil importing nations were also up.
“The moderation in oil prices has supported some outperformance by Kenyan Eurobonds after they initially significantly underperformed peers amid the Middle East crisis,” said Samir Gadio, head of Africa strategy at Standard Chartered.
