Kenya Returns to International Markets with US$1.5 Billion Eurobond
Kenya issues US$ 1.5 billion 2033 and 2038 Eurobonds at 7.875% and 8.80% to refinance its 2028 notes listed on London Stock Exchange...
✨ Key Highlights
Kenya has returned to international markets, successfully raising US$1.5 billion through a dual-tranche Eurobond issuance to proactively manage its debt and refinance near-term obligations. This marks the country's second major liability management operation in under two years.
- The issuance consists of two equal tranches: US$750 million of 7.875% Amortising Notes due 2033 and US$750 million of 8.80% Amortising Notes due 2038.
- The bonds are admitted to the official list of the UK Financial Conduct Authority and trading on the London Stock Exchange.
- The net proceeds are primarily intended to finance the repurchase of Kenya’s US$1 billion 7.250% Notes due 2028.
- Citigroup Global Markets Limited and The Standard Bank of South Africa Limited acted as joint bookrunners.
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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.
