Kenya prices $2.25bn dual‑tranche Eurobond (2034 & 2039) to fund $500m buyback
On Feb. 20, 2026 Kenya priced a dual‑tranche Eurobond totalling $2.25 billion — $900m due 2034 at 7.875% and $1.35bn due 2039 at 8.700% — to fund a $500m buyback and support the budget, reducing near‑term rollover pressure by extending maturities into the long end.
The desk brief
On Feb. 20, 2026 Kenya priced a dual‑tranche Eurobond totalling $2.25 billion — $900m due 2034 at 7.875% and $1.35bn due 2039 at 8.700% — to fund a $500m buyback and support the budget, reducing near‑term rollover pressure by extending maturities into the long end.
By replacing shorter‑dated bonds with 7‑ and 12‑year paper, the transaction eases rollover risk for Kenya and creates new long‑dated USD benchmarks. Conditional on buyback execution and sustained fiscal discipline, the issuance can compress regional spread references and shift secondary liquidity toward newly issued 2034/2039 lines; absent those conditions, refinancing benefit may be temporary.
National Treasury to announce buyback tender results (expected Feb. 26, 2026).
Sources & verification
Verified briefSupported by 9 independent publishers.
- Kenya issues $2.25 billion of Eurobonds to fund buyback, support budget | CNBC Africacnbc.comSource published (opens in a new tab)
- Treasury Raises Ksh290B in Fresh Eurobond to Refinance 2028, 2032 Debtbusinesstoday.co.keSource published (opens in a new tab)
- Dabafinance - Kenya Raises $2.25B in Eurobond Sale to Fund Debt Buybackdabafinance.comSource published (opens in a new tab)
- Kenya Raises Ksh290B in $2.25B Eurobond to Refinance 2028, 2032 Debt - Nyanza Dailynyanzadaily.co.keSource published (opens in a new tab)
- Kenya successfully prices USD 2.25 billion dual-tranche Eurobond - Nairobi Newsnairobinews.co.keSource published (opens in a new tab)
- Market Updatestreasury.go.ke (opens in a new tab)
- Kenya Reopens the Eurobond Playbook With $500 Million Buyback, Banking on Falling Yields and Investor Appetiteserrarigroup.comSource published (opens in a new tab)
- Govt Borrows Ksh290 Billion in Rush to Beat Debt Deadlinekenyans.co.keSource published (opens in a new tab)
- Kenya returns to international markets with $2.25B Dual-Tranche Eurobond - HapaKenyahapakenya.comSource published (opens in a new tab)
Public references supporting this brief.
Price Discovery
Kenya sovereign curve
Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.
- Kenya 27May 2027100.1886.647%
- Kenya 28Feb 2028100.0637.189%
- Kenya 31Feb 2031104.5008.149%
- Kenya 32May 203296.5008.952%
- Kenya 33Oct 203394.2509.153%
- Kenya 34 JanJan 203484.2509.338%
- Kenya 34 FebFeb 203491.1259.792%
- Kenya 36Mar 203697.5009.944%
- Kenya 38Oct 203890.87510.204%
- Kenya 39Feb 203989.81310.239%
- Kenya 48Feb 204884.9389.964%
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