September 1, 2017 / 9:12 AM / a year ago

Kenya's dollar bonds, shilling fall after court nullifies election

LONDON, Sept 1 (Reuters) - Kenya’s dollar bonds fell on Friday after the country’s Supreme Court identified “irregularities” in last month’s presidential election and said the country must hold another vote within 60 days.

The $2 billion sovereign bond maturing 2024 fell 1.25 cents to 103.5 cents, according to Tradeweb data, its lowest since mid-August. The 2019 issue fell 0.75 cents to $102.75 cents.

The Kenyan shilling also came under selling pressure, falling 0.3 percent against the dollar.

The Supreme Court said the electoral board had committed “irregularities and illegalities” during the vote, harming the integrity of the election that handed President Uhuru Kenyatta a second five-year term.

Reporting by Claire Milhench, editing by Nigel Stephenson

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