Kenya long-dated dollar bonds hit 10-month highs on Monday, extending a rally triggered last week when the country’s high court ruled regulations capping the interest rates that banks can charge customers were “unconstitutional”.
Tradeweb data showed the country’s 2048 dollar bond climbed 0.9 cents to reach its highest since last May, while the medium-term 2024 maturing bond rose as much as a full cent to test its May highs.
On Monday, the Consumers Federation of Kenya filed an appeal to the Court of Appeal in Nairobi challenging last week’s high court ruling to declare the rate caps null and void. An appeal date is yet to be set.
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