Kenya flags Ksh145.6bn (~USD1.12bn) Eurobond in 2026/27 budget

On June 11, 2026 the National Treasury included a Ksh145.6 billion (around USD1.12 billion) Eurobond in its 2026/27 external borrowing plan as a cornerstone instrument to bridge the budget gap and refinance upcoming external maturities.

A new USD Eurobond would add supply to Kenya’s belly/long end and concentrate near-term refinancing risk on its dollar curve; the ultimate market impact depends on issuance tenor, coupon and investor appetite. If priced attractively, it could be absorbed with limited spread widening; a long or high-coupon deal risks upward pressure on Kenya’s USD spreads and could affect SSA sovereign and corporate funding costs through risk repricing.

Treasury decision on issuance size, tenor and timing and whether the Eurobond is formally launched in the primary market.