According to my sources, more than
The signal in the noise is that capital is available and in a meaningful volume. Given our strategic position on the Eastern seaboard of
The Eurobond markets are informing us that if we can get our ducks in a row, the capital can be availed. This has not been the situation previously, since independence, and is a popping over the radar moment.
Therefore, this is surely a time to dream big.
I believe we are in a secular bull market for sub-Saharan Africa's blue chip and sovereign credits as global investors continue to up-size their SSA allocation from nearly zero. This will remain a rising tide.
Serendipity also plays a role and a sharp rally in Egyptian bond yields to 2011 lows, and a similar rally in
The net new add of liquidity (the
You will recall the shilling had printed 88-plus not so long ago. With the government not needing to call on the domestic markets, we should see a rally in interest rates. The one fly in this ointment is the current price of crude oil. Notwithstanding the news that
"The Sunbird-1 oil is the historic first-ever oil discovery offshore
Kenyan Assets have shown outstanding resilience in the teeth of increased insecurity levels and this trend has also been seen in
We also need to appreciate that we exist now (and post the Eurobond sale we have allowed the markets to price us on a real time continuous basis) in a goldfish bowl. In such circumstances, it behoves us to sharpen up our messaging because right now it's very 20th century, very VoK (Voice of
It is this disconnect (and in our new world each utterance is critiqued in real time) which erodes political capital.
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