Kenya launches tender to buy back up to $500m of 2028 and 2032 Eurobonds
On February 18, 2026, Kenya announced a tender to repurchase up to $500 million of its outstanding Eurobonds — up to $350m of the 8.00% May 2032 notes and up to $150m of the 7.25% Feb 2028 notes — with settlement contingent on a concurrent new dual‑tranche dollar bond issuance.
The desk brief
On February 18, 2026, Kenya announced a tender to repurchase up to $500 million of its outstanding Eurobonds — up to $350m of the 8.00% May 2032 notes and up to $150m of the 7.25% Feb 2028 notes — with settlement contingent on a concurrent new dual‑tranche dollar bond issuance.
The announced tender mechanically removes targeted outstanding supply in the 2028 and 2032 lines, which can support secondary prices for those maturities conditional on the size of acceptances. The operation is explicitly contingent on a new dollar issuance; therefore any durable curve smoothing depends on successful placement and investor take‑up of the replacement dual‑tranche notes.
Tender window closes Feb 25, 2026; Treasury to publish results thereafter (settlement expected by March 3, 2026 if issuance completes).
Sources & verification
Verified briefSupported by 5 independent publishers.
- Kenya Reopens the Eurobond Playbook With $500 Million Buyback, Banking on Falling Yields and Investor Appetiteserrarigroup.comSource published (opens in a new tab)
- Kenya returns to global markets to fund $500 million buyback | CNBC Africacnbc.comSource published (opens in a new tab)
- Treasury Launches Ksh64.5B Eurobond Buyback to Smooth Debt Profilebusinesstoday.co.keSource published (opens in a new tab)
- Kenya Plans Another Eurobond Buyback to Ease Debt Repayment Pressurebloomberg (opens in a new tab)
- Kenya plans fresh Sh64.6bn Eurobond buyback to ease debt burdenthe-star.co.ke (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%
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