Nairobi, Oct. 5 -- There is a particular kind of relationship that financial analysts describe as "comfortable but concerning." Everything looks fine on the surface: no missed payments, no dramatic headlines. Yet underneath, structural imbalances are quietly accumulating.

Kenya's banking sector and its sovereign debt market have settled into exactly this arrangement, and the world's financial watchdogs are beginning to take notice.

Published by HT Digital Content Services with permission from Business Daily....