Kenya prices $2.25bn dual‑tranche Eurobond (7- and 12-year weighted lives)
On 20 February 2026 Kenya priced a dual‑tranche Eurobond totalling USD 2.25 billion — USD 900 million 7‑year (2034, amortising) and USD 1.35 billion 12‑year (2039, amortising) — to partly refinance maturing 2028 and 2032 bonds and smooth its external debt profile.
The desk brief
On 20 February 2026 Kenya priced a dual‑tranche Eurobond totalling USD 2.25 billion — USD 900 million 7‑year (2034, amortising) and USD 1.35 billion 12‑year (2039, amortising) — to partly refinance maturing 2028 and 2032 bonds and smooth its external debt profile.
A freshly priced USD benchmark at the 7‑ and 12‑year area provides market reference points for Sub‑Saharan African issuers, helping to re‑anchor mids and longer‑end sovereign curves. Investors and issuers will use the transaction to recalibrate relative spreads across East African peers; however actual secondary repricing or spillovers depend on subsequent trade liquidity, domestic fiscal signals and global rate moves.
Tender offer results expected 26 February 2026.
Sources & verification
Verified briefSupported by 3 independent publishers.
- Govt Borrows Ksh290 Billion in Rush to Beat Debt Deadlinekenyans.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)
- Kenya returns to international markets with US$2.25bn Dual‑Tranche Eurobond - Africa Business Insightafricabusinessinsight.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%
Indicative levels only. Full bid/ask context and trading actions remain inside MSA Trader.
Open Price Discovery