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Funding issuanceKenyaVerified brief

Kenya in talks for KSh129.7bn debt swap with US bank, may touch a Eurobond

On 29 September 2026 reports said Kenya was in talks with a U.S. banking giant to arrange a KSh129.7 billion (roughly $1bn) debt swap that could involve at least one outstanding Kenya Eurobond, forming part of the government's FY2026/27 external-financing programme.

MSA Market DeskEvent 29 September 2026Reviewed 1 min read

The desk brief

On 29 September 2026 reports said Kenya was in talks with a U.S. banking giant to arrange a KSh129.7 billion (roughly $1bn) debt swap that could involve at least one outstanding Kenya Eurobond, forming part of the government's FY2026/27 external-financing programme.

If executed, the swap would shift near-term external amortisation away from domestic refinancing and could add free-float liquidity to specific USD-Eurobond maturities. The change is conditional on which bonds are targeted and the swap’s structure; untouched maturities would retain concentrated rollover and spread risk. No pricing or execution details have been disclosed.

Official confirmation from Kenya’s National Treasury or the arranging bank and publication of targeted bonds, structure and timetable.

Sources & verification

Verified brief

Supported by 4 independent publishers.

Public references supporting this brief.

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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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