The Kenyan shilling experienced its most significant rally in nearly 16 years, spurred by the success of a USD 1.5 bln Eurobond sale and strong demand for local infrastructure debt, indicating a possible end to the USD shortage. This remarkable appreciation made the KES the strongest performer in Africa so far this year, reversing its previous standing as one of the weakest. The Eurobond placement attracted considerable foreign investor interest, alleviating concerns over debt repayment and contributing to the shilling’s surge against the USD.