Societe Generale has sold its position in Kenya’s KENIB 09/Aug/2032 bonds after securing a 7.4% profit, citing a local bond rally that appears to have priced out risks associated with fiscal policies, debt issuance, and political instability. The bank expects Kenya’s central bank to slow the pace of rate cuts to 25 bps, starting with a reduction to 11.75% in December, potentially declining to 8.75% by Q3 2025. This outlook is bolstered by the CBK governor’s recent remarks and anticipated IMF disbursements.