Kenya prices $1.5bn dual‑tranche Eurobond, extends external maturities to 2033/2038

On 3 October 2025 Kenya priced a $1.5 billion dual‑tranche Eurobond (USD 750m due 2033 and USD 750m due 2038) with order books ~4x oversubscribed; proceeds will be used mainly to buy back the $1.0 billion 2028 bond, easing near‑term external amortisation and creating live dollar benchmarks for the region.

The issuance reduces Kenya’s near‑term external amortisation by refinancing the 2028 bullet, shifting rollover risk toward longer maturities and creating liquid 2033/2038 dollar references that can anchor East African sovereign and corporate pricing. Actual budgetary or interest‑cost savings depend on the completed tender results and final settlement of the old bonds; currency and macro risks remain.

Confirmation of the tender buyback settlement and final net reduction in the outstanding 2028 bond when settlement completes (expected Oct 9, 2025).