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Recent Topicals

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Kenya’s Real Estate Investment Trusts (REITs) H1’2025 Report

Aug 24, 2025

Following the release of the H1’2025 results by all four authorized Real Estate Investment Trusts (REITs) in Kenya, the Cytonn Real Estate Research Team undertook an analysis of the financial performance of the REITs and identified the key factors that shaped the performance of the sector. For the earnings notes of the various REITs, click the links below: ILAM Fahari I-REIT H1’2025 Earnings Note LapTrust Imara I-REIT H1’2025 Earnings Note Acorn I-REIT H1’2025 Earnings Note Acorn D-REIT H1’2025 Earnings Note In the report we will assess the financial performance of the current REITs in the market during H1’2025 in t...

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Insolvency in Real Estate in Kenya

Aug 17, 2025

Insolvency refers to a financial situation where an individual, business or entity, such as a fund, is unable to meet their financial obligations or settle their debts as they become due. In most cases, the state of insolvency occurs due to an increase in business expenses, poor cash management, law suits, poor budgeting, fraud, business expansion, or a reduction in sales.  In Kenya, insolvency proceedings are primarily governed by the Insolvency Act of 2015. The act provides for how insolvent companies can be assisted to service creditors’ o...

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Sub-Saharan Africa (SSA) Eurobonds Performance

Aug 10, 2025

Eurobonds are fixed income debt instruments issued in a currency other than the currency of the country or market in which they are issued, mostly denominated in a currency that is widely traded and accepted globally, like the US Dollar or the Euro. Generally, Eurobonds allow issuers to tap into a broader investor base allowing for diversification in capital sourcing. Hence, Sub-Saharan Eurobonds, of which most are listed on the London and Irish stock exchanges, allow governments and corporations to raise funds by issuing bonds in a foreign currency. Majority of countries in the region issue Eurobonds to finance maturing debt obligations, finance their budget deficits and undertake heavy infrastructural projects. In 2024, sub-Saharan Africa (SSA) began re-emerging in the international Eurobond market after nearly two years of limited access. This marked a shift from 2023, when high global interest rates and widening spreads effectively shut most SSA countries out of the prim...

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Review of Kenya’s Public Debt 2025

Jul 20, 2025

Kenya is one of the fastest growing economies in Sub-Saharan Africa, having registered a growth rate of 4.9% in the first quarter of 2025. Despite being one of the fastest growing economies in Sub-Saharan Africa with a projected economic growth rate of 4.8%, above the region’s expected average of 3.7% in 2025, Kenya is grappling with a high debt burden, facing elevated risk of debt distress and significant challenges in managing its public debt, which has increased rapidly in recent years. As per the latest data from the Central Bank of Kenya (CBK), the total public debt stood at Kshs 11.5 tn as of May 2025, compared to Kshs 10.4 tn recorded in May 2024, equivalent to an 10.3% increase. Notably, external debt increased marginally by 3.9% during the period to Kshs 5.3 tn in May 2025 from the Kshs...

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Kenya Listed Insurance FY’2024 Report

Jul 13, 2025

Following the release of the FY’2024 results by Kenyan insurance firms, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed insurance companies and the key factors that drove the performance of the sector. In this report, we assess the main trends in the sector, and areas that will be crucial for growth and stability going forward, seeking to give a view on which insurance firms are the most attractive and stable for investment. As a result, we shall address the following: Insurance Penetration in Kenya, Key Themes that Shaped the Insurance Sector in FY’2024, Interest rates Industry Highlights and Challenges, Performance of The Listed Insurance Sector in FY’2024, and, Conclusion & Outlook of the Insurance Sector. Section I: Insurance Penetration in Kenya Insurance...

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