Skip to content
MSA TraderAFRICAN CAPITAL MARKETS
Sign inRequest access
Market intelligence
Funding issuanceKenyaDeveloping story

Kenya launches $500m Eurobond tender for 2028 and 2032 notes, to be funded via new dollar issuance

On 18 February 2026 Kenya announced a tender offer to repurchase up to $500 million of outstanding Eurobonds—up to $350m of the 8.00% amortising note due May 22, 2032, and up to $150m of the 7.25% note due Feb 28, 2028—conditional on a concurrent new dollar bond issuance.

MSA Market DeskEvent 18 February 2026Reviewed 2 min read

The desk brief

On 18 February 2026 Kenya announced a tender offer to repurchase up to $500 million of outstanding Eurobonds—up to $350m of the 8.00% amortising note due May 22, 2032, and up to $150m of the 7.25% note due Feb 28, 2028—conditional on a concurrent new dollar bond issuance.

If executed, the tender will reduce near-term USD bond supply and lower rollover concentration around 2028–2032 by replacing shorter-dated stock with longer-dated issuance. Market impact depends on the size, pricing and take-up of the new notes; successful issuance is required for settlement, so rollover risk is only materially reduced if new paper is placed on acceptable terms and holders participate.

Treasury release of tender results after the close (Feb 25, 2026) and announcement/terms of the new Eurobond issuance.

Sources & verification

Developing story

Further independent confirmation is required.

Public references supporting this brief.

Was this brief useful?
Back to the briefing

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
10.61%9.46%8.32%7.18%6.04%20272032203720422048Kenya 27 · May 2027 · 6.640%Kenya 28 · Feb 2028 · 7.087%Kenya 31 · Feb 2031 · 8.014%Kenya 32 · May 2032 · 8.850%Kenya 33 · Oct 2033 · 9.011%Kenya 34 Jan · Jan 2034 · 9.209%Kenya 34 Feb · Feb 2034 · 9.566%Kenya 36 · Mar 2036 · 9.763%Kenya 38 · Oct 2038 · 10.001%Kenya 39 · Feb 2039 · 9.988%Kenya 48 · Feb 2048 · 9.796%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Kenya 27May 2027100.1886.640%
  • Kenya 28Feb 2028100.1887.087%
  • Kenya 31Feb 2031104.8758.014%
  • Kenya 32May 203296.8758.850%
  • Kenya 33Oct 203394.8759.011%
  • Kenya 34 JanJan 203484.8759.209%
  • Kenya 34 FebFeb 203492.1259.566%
  • Kenya 36Mar 203698.5009.763%
  • Kenya 38Oct 203892.12510.001%
  • Kenya 39Feb 203991.3759.988%
  • Kenya 48Feb 204886.2509.796%

Indicative levels only. Full bid/ask context and trading actions remain inside MSA Trader.

Open Price Discovery
All market intelligence