This archive report was first published on 23 July 2019.
On July 23, 2019, markets in Kenya witnessed a slight dip in the price of dollar bonds following the arrest of Treasury Cabinet Secretary Henry Rotich on corruption charges.
Tradeweb data revealed that long-term bonds expiring in 2028, 2032, and 2048 dropped by 0.5 cents in the dollar, a development that usually results in a jump in interest payments on the debt instrument.
Despite initial fears of a decline, markets remained relatively unchanged following the unexpected turn of events.
Henry Rotich, along with his deputy Principal Secretary Kamau Thugge and 26 other officials, will face charges related to the Kimwarer dam scandal, where an estimated KSh21 billion is alleged to have been misappropriated.
