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Funding issuanceKenyaDeveloping story

Kenya launches capped $500m Eurobond buyback targeting 2028 and 2032 notes

On Feb 19, 2026 Kenya’s National Treasury announced a capped $500 million tender to buy back up to $350m of its May 2032 notes and up to $150m of its Feb 2028 notes. The offer opened Feb 18, expires Feb 25, and settlement is expected on Mar 3, 2026, with purchased notes to be cancelled.

MSA Market DeskEvent 19 February 2026Reviewed 2 min read

The desk brief

On Feb 19, 2026 Kenya’s National Treasury announced a capped $500 million tender to buy back up to $350m of its May 2032 notes and up to $150m of its Feb 2028 notes. The offer opened Feb 18, expires Feb 25, and settlement is expected on Mar 3, 2026, with purchased notes to be cancelled.

The buyback reduces near-term external supply for the 2028 and 2032 dollar tranches, supporting secondary prices for those maturities. Funding choices (using reserves versus domestic financing or new issuance) will determine second‑round effects: reserve draws could weaken FX buffers, while increased domestic issuance could push local yields higher and crowd out bank liquidity. Replacing older high-coupon paper with new longer-tenor issuance concentrates future re‑funding on the new tranches.

Expiry of the tender on Feb 25, 2026 and settlement expected Mar 3, 2026 (subject to new issuance).

Sources & verification

Developing story

Further independent confirmation is required.

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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
10.95%9.71%8.47%7.23%5.99%20272032203720422048Kenya 27 · May 2027 · 6.645%Kenya 28 · Feb 2028 · 7.289%Kenya 31 · Feb 2031 · 8.212%Kenya 32 · May 2032 · 8.988%Kenya 33 · Oct 2033 · 9.182%Kenya 34 Jan · Jan 2034 · 9.393%Kenya 34 Feb · Feb 2034 · 9.850%Kenya 36 · Mar 2036 · 9.990%Kenya 38 · Oct 2038 · 10.255%Kenya 39 · Feb 2039 · 10.290%Kenya 48 · Feb 2048 · 9.996%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Kenya 27May 2027100.1886.645%
  • Kenya 28Feb 202899.9387.289%
  • Kenya 31Feb 2031104.3138.212%
  • Kenya 32May 203296.3758.988%
  • Kenya 33Oct 203394.1259.182%
  • Kenya 34 JanJan 203484.0009.393%
  • Kenya 34 FebFeb 203490.8759.850%
  • Kenya 36Mar 203697.2509.990%
  • Kenya 38Oct 203890.56310.255%
  • Kenya 39Feb 203989.50010.290%
  • Kenya 48Feb 204884.6889.996%

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

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