Kenya plans ~$815m Eurobond and up to $500m Eurobond buyback in 2026/27 fiscal year

On 15 July 2026 Kenya’s National Treasury outlined plans to issue a roughly US$815m Eurobond in Q2 of the 2026/27 fiscal year and to buy back up to about US$500m of outstanding Eurobonds (financed by the new issue or linked refinancing). The moves were disclosed in the Treasury’s 2026/27 debt-management documents.

A fresh US dollar Eurobond increases Kenya’s external supply and gross financing needs in the near term, while a targeted buyback financed from the same issuance could shorten the outstanding maturity profile and reduce future rollover risk. Net curve effects will depend on which maturities are repurchased, the split between buyback and budget use of proceeds, and investor reception at syndication; bond spreads could tighten for long-dated lines if buybacks retire near-term bullets.

Treasury to publish final issuance size, tenor and syndication timetable for the Eurobond and buyback details.