Kenya announces plan to buy back up to $500m of outstanding Eurobonds
On 15 July 2026 Kenya announced plans to buy back up to $500 million of outstanding Eurobonds and to issue a new US dollar-denominated bond to refinance the transaction, aiming to lengthen maturities and smooth external amortisation while any excess proceeds may be used for budget financing.
The desk brief
On 15 July 2026 Kenya announced plans to buy back up to $500 million of outstanding Eurobonds and to issue a new US dollar-denominated bond to refinance the transaction, aiming to lengthen maturities and smooth external amortisation while any excess proceeds may be used for budget financing.
If completed, replacing near-term Eurobond bullets with a new dollar bond would extend Kenya’s external amortisation profile and reduce immediate rollover risk. The credit impact depends on the size, tenor and pricing of the replacement issue and actual investor participation; favourable pricing could lower near-term refinancing costs while expensive issuance could offset maturity relief.
Treasury to announce size, tenor and pricing details of the replacement dollar bond.
Sources & verification
Verified briefSupported by 6 independent publishers.
- Kenya plans fresh Sh64.6bn Eurobond buyback to ease debt burdenthe-star.co.ke (opens in a new tab)
- Kenya eyes fourth debt buyback in two years to ease repayment pressurebusinessday.ng (opens in a new tab)
- REPUBLIC OF KENYA MEDIUM TERM DEBT MANAGEMENT STRATEGY (2026/27—2028/29) PREPARED BY PUBLIC DEBT MANAGEMENT OFFICE THE NATIONAL TREASURY AND ECONOMIC PLANNING JANUARY 2026 PRINTEDtreasury.go.ke (opens in a new tab)
- Kenya looking at further Eurobond deals to manage debt maturities | CNBC Africacnbc.comSource published (opens in a new tab)
- Kenya is reconsidering repurchasing US$ 500m Eurobondbusinesstoday.co.keSource published (opens in a new tab)
- Kenya plans US$815m eurobond and US$500m Samurai bond in 2026/27 - Africa Business Insightafricabusinessinsight.comSource published (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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