Kenya prices $2.25bn dual‑tranche Eurobond to smooth 2028/2032 maturities

On 20 February 2026 Kenya priced a dual‑tranche Eurobond totalling $2.25 billion (USD 900m seven‑year and USD 1.35bn 12‑year tranches) to partly refinance Eurobonds maturing in 2028 and 2032 and to bridge the 2026/27 budget shortfall.

The new dual‑tranche issuance extends external maturities and reduces near‑term amortisation by replacing part of the 2028 and 2032 paydowns, which should ease immediate rollover pressure. Broader transmission to markets depends on coupon and term relative to existing bonds, investor demand durability, and whether the government executes the announced buyback programme to retire shorter‑dated, higher‑coupon stock.

Execution details and size/timing of the Eurobond buyback programme and use of proceeds to refinance 2028/2032 maturities.