Waiting to see how KE banks handle their USD positions by month end as well as in Feb to gauge the eurobond uptake. If KES gains strength towards 80/- then it means banks will be offloading the USD expecting a USD flood from the eurobond oversubscription.
Globally the USD rates may face a spike bout as signalled by the US 10yr note, which will likely bring volatility in the global markets.
An oversub'd KE eurobond should the above happen will then be the saving grace. Otherwise if undersub'd NSE will definitely face a selling bout from foreigners when that volatility checks in.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!