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Funding issuanceKenyaVerified brief

Kenya prices USD 2.25bn dual‑tranche Eurobond, extending maturities and funding buybacks

On 20 February 2026 Kenya priced a USD 2.25 billion dual‑tranche Eurobond (USD 900m due 2034 at 7.875% and USD 1.35bn due 2039 at 8.700%) and announced proceeds would be used to buy back portions of its 2028 and 2032 Eurobonds, reshaping near‑term amortisation.

MSA Market DeskEvent 20 February 2026Reviewed 2 min read

The desk brief

On 20 February 2026 Kenya priced a USD 2.25 billion dual‑tranche Eurobond (USD 900m due 2034 at 7.875% and USD 1.35bn due 2039 at 8.700%) and announced proceeds would be used to buy back portions of its 2028 and 2032 Eurobonds, reshaping near‑term amortisation.

By replacing shorter maturities with new long‑dated amortising paper, the transaction materially reduces near‑term external amortisation and creates fresh long‑curve reference points (2034 and 2039). This should mechanically ease rollover pressure for 2028/2032 bondholders and may tighten secondary spreads on those lines conditional on sustained investor demand and no adverse macro shocks; it does not imply immediate price moves absent market repricing.

Tender‑offer results for repurchases expected 26 February 2026; monitor secondary spreads on 2028 and 2032 issues.

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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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