Kenya’s Eurobonds experienced a significant drop after President Ruto emphasized the need for wealthier nations to develop a “new sovereign debt architecture” to aid poorer countries. The yields on Kenya’s dollar bonds due 2032 jumped 41 bps, reaching a four-month peak. The Kenyan government is seeking advice on its upcoming USD 2 bln bond payment next year. Ruto has previously expressed intentions to repurchase half of the 2024 Eurobonds by year’s end. Both S&P and Moody’s have expressed concerns about Kenya’s debt-related decisions.