Nairobi, Aug. 31 -- For thousands of Kenyan investors, the maturity of a government bond can feel like a success that creates an immediate question: what should this money do next?

That question is especially relevant as substantial government bonds mature and coupon payments return billions of shillings to investors. The instinct may be to search for another bond offering the kind of return investors became accustomed to when yields approached 18 percent in 2024.

Those unusually high returns were not free money. They reflected high interest rates, pressure on the shilling and concern about Kenya's sovereign risk. Those macroeconomic conditions have changed and so should the way investors think about reinvestment.

The better question i...