Kenya Raises US$1.5 Billion Eurobond and Buys Back KSh 81.2 Billion of 2028 Debt - October 2025

Kenya has returned to international markets, successfully raising US$1.5 billion through a dual-tranche Eurobond issuance. This issuance is intended to proactively manage its debt and refinance near-term obligations. Following the new issuance, Kenya successfully bought back US$628.44 million (KSh 81.2 billion) of its 2028 Eurobond. The buyback aims to smooth debt maturities and reduce refinancing risk, marking the country's second major liability management operation in under two years. These actions occurred as the International Monetary Fund (IMF) concluded a two-week mission to Nairobi, urging Kenya to strengthen public finance management and ensure debt sustainability. The IMF discussions also aimed to assess Kenya's economic outlook and explore policies for a new program.