March 18, 2019 / 1:56 PM / 3 months ago

Kenya dollar bonds reach 10-month high as rally resumes

LONDON, March 18 (Reuters) - 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.

Reporting by Marc Jones, additional reporting by Humphrey Malalo in Nairobi; editing by Josephine Mason.

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