March 2024 Market Wrap-up Report
In March, the Kenyan shilling has experienced a consistent uptrend, appreciating by 16 percent against the US dollar since the beginning of 2024. This surge in value comes on the heels of the issuance of a $1.5 billion (Sh198.0 billion) Eurobond. The proceeds from this issuance were utilized to partially repurchase the June 2024 $2 billion (Sh264.1 billion) maturity, along with funding the significant oversubscription of the inaugural infrastructure bond issued earlier this year.