October 11, 2017 / 10:37 AM / a year ago

Kenya 2024 dollar bond falls more than 1 cent as political crisis deepens

LONDON, Oct 11 (Reuters) - Kenya’s dollar-denominated 2024 sovereign bond fell as much as 1.2 cents on Wednesday, according to Reuters data, as the country’s political crisis over the election re-run scheduled for Oct. 26 deepened.

A Kenyan court said earlier on Wednesday that an also-ran candidate in August’s presidential election could contest the re-run, a day after the main opposition leader pulled out. Meanwhile, parliament passed an election law amendment, saying if one candidate withdrew from a repeat presidential election, the other would automatically win.

The fall in the bond price is the biggest daily decline since the Supreme Court declared President Uhuru Kenyatta’s election victory invalid on Sept 1. (Reporting by Karin Strohecker; Editing by Jamie McGeever)

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