Kenya completed a liability-management buyback in Feb 2026 targeting up to $500m of 2028 and 2032 Eurobonds

On the week of 18 February 2026 Kenya launched a liability-management buyback capped at $500 million, inviting tenders for up to $350m of the 2032 amortising note and up to $150m of the 2028 note; the Treasury used pre-funded reserves, IMF disbursements and a syndicated loan to fund the operation.

A targeted repurchase of specific USD lines removes outstanding stock from the secondary market and can tighten yields on bought lines; however, financing the operation from reserves, IMF disbursements and bank loans can reduce near-term rollover risk while also drawing on FX buffers. If the Treasury had issued new USD debt instead, net external supply could have risen and exerted additional pressure on the shilling.

Whether the Treasury launches a further 2026 buyback to address remaining portions of the 2032 bond.