Kenya's bonds fall after Odinga formally challenges election results - Tradeweb data

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Kenya's opposition leader and presidential candidate Raila Odinga, of the Azimio La Umoja (Declaration of Unity) One Kenya Alliance, waves to his supporters after he filed a petition challenging the presidential election result at the Supreme Court in Nairobi, Kenya August 22, 2022. REUTERS/Thomas Mukoya

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LONDON, Aug 22 (Reuters) - Kenya's Eurobonds fell on Monday after veteran opposition leader Raila Odinga formally challenged the results of this month's presidential election at the country's Supreme Court. read more

The country's dollar-denominated government bonds were down as much as 2 cents on the dollar at 1318 GMT, with the 2048 maturity trading at 68.5 cents, according to Tradeweb data.

Last week, Kenya's election commissioner declared Deputy President William Ruto had won the election against Odinga by a slim 50.49%-48.5% margin, but four out of seven election commissioners dissented, saying the tallying of results had not been transparent. read more

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"We take some comfort that nobody in Kenya is calling for violence or storming the parliament in Nairobi but it is really a country that needs to put the election behind it," said Carl Ross, a partner at investment firm GMO.

He said investors had hoped there would be a more obvious winner in the presidential vote.

"It (Kenya) is a strong, vibrant democracy and that is a good thing. But when countries are apparently split right down the middle it makes governing them difficult."

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Reporting by Rachel Savage and Marc Jones Editing by Mark Potter

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