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Funding issuanceKenyaDeveloping story

Kenya priced $2.25bn dual-tranche Eurobond and ran a $500m tender to repurchase 2028 and 2032 notes

On Feb 18, 2026 Kenya announced a capped $500 million tender offer targeting up to $350m of the 8.000% May 22, 2032 notes and up to $150m of the 7.250% Feb 28, 2028 notes, and concurrently priced a $2.25 billion dual‑tranche Eurobond whose proceeds were earmarked to retire most of the targeted high‑coupon paper.

MSA Market DeskEvent 18 February 2026Reviewed 2 min read

The desk brief

On Feb 18, 2026 Kenya announced a capped $500 million tender offer targeting up to $350m of the 8.000% May 22, 2032 notes and up to $150m of the 7.250% Feb 28, 2028 notes, and concurrently priced a $2.25 billion dual‑tranche Eurobond whose proceeds were earmarked to retire most of the targeted high‑coupon paper.

The liability‑management swaps replace higher‑coupon near‑term USD obligations with longer‑dated dollar paper. If allotment and issuance proceed as stated, Kenya’s external commercial redemption profile lengthens and near‑term external cashflow pressures fall, conditional on full uptake and settlement of the new notes. The operation does not by itself reduce overall sovereign debt stock absent fiscal consolidation or concessional financing.

Treasury release of tender results and final terms of the new Eurobond issuance.

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Developing story

Further independent confirmation is required.

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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