Kenya plans to buy back Eurobond coupons at an 11.0% interest rate to acquire half of the USD 2 bln sovereign debt by the end of 2023 to alleviate the burden of a lump sum payment when it matures in June 2024. The buyback news has already contributed to a drop in yields on the 2024 Eurobond from 13.129% to 12.657%. President William Ruto has dismissed rumors that Kenya might struggle to redeem the bond, suggesting they are spread by those who would profit from default.