Kenya’s National Treasury avoided the bond switch option in its debt management plan during the 2023/2024 fiscal year, owing to rising interest rates on treasury bills and bonds, as investors demanded compensation for lending to a government facing cashflow constraints, coupled with investor preference for short-term debt to avoid duration risks.
Yields on government securities have remained elevated over the past 18 months, director-in-charge of debt management Haron Sirima told The EastAfrican.
