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Funding issuanceKenyaDeveloping story

Kenya prices $2.25bn dual-tranche Eurobond, uses proceeds to refinance 2028 and 2032 maturities

On 20 February 2026 Kenya priced a $2.25 billion dual-tranche Eurobond (a $900m seven‑year WAL note maturing in 2034 and a $1.35bn twelve‑year WAL note maturing in 2039) and earmarked most proceeds to retire high‑coupon 2028 and 2032 external bonds, including a capped $500m tender offer.

MSA Market DeskEvent 20 February 2026Reviewed 1 min read

The desk brief

On 20 February 2026 Kenya priced a $2.25 billion dual-tranche Eurobond (a $900m seven‑year WAL note maturing in 2034 and a $1.35bn twelve‑year WAL note maturing in 2039) and earmarked most proceeds to retire high‑coupon 2028 and 2032 external bonds, including a capped $500m tender offer.

By replacing higher‑coupon, nearer‑term paper with longer‑dated tranches, the operation should reduce near‑term external amortisation pressure concentrated in 2028–2032 and smooth the external redemption profile. However, it lengthens the external curve and increases sensitivity to changes in long‑dated USD sovereign funding conditions; actual market repricing depends on secondary market demand and sovereign spread dynamics.

Treasury publication of the prospectus/allocations and the outcome details of the capped $500m tender for the 2028/2032 bonds.

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Developing story

Further independent confirmation is required.

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Price Discovery

Kenya sovereign curve

Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.

11 priced bonds
10.89%9.66%8.44%7.22%6.00%20272032203720422048Kenya 27 · May 2027 · 6.647%Kenya 28 · Feb 2028 · 7.189%Kenya 31 · Feb 2031 · 8.149%Kenya 32 · May 2032 · 8.952%Kenya 33 · Oct 2033 · 9.153%Kenya 34 Jan · Jan 2034 · 9.338%Kenya 34 Feb · Feb 2034 · 9.792%Kenya 36 · Mar 2036 · 9.944%Kenya 38 · Oct 2038 · 10.204%Kenya 39 · Feb 2039 · 10.239%Kenya 48 · Feb 2048 · 9.964%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • 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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