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Funding issuanceKenyaDeveloping story

Kenya prices $2.25bn dual‑tranche Eurobond to smooth maturities and fund buyback

On 26 February 2026 Kenya priced a USD 2.25 billion dual‑tranche Eurobond: a USD 900m 7‑year at 7.875% (maturing 2034 with amortisation 2032–2034) and a USD 1.35bn 12‑year at 8.70% (maturing 2039 with amortisation 2037–2039). Proceeds include a USD 500m buyback of older notes.

MSA Market DeskEvent 26 February 2026Reviewed 2 min read

The desk brief

On 26 February 2026 Kenya priced a USD 2.25 billion dual‑tranche Eurobond: a USD 900m 7‑year at 7.875% (maturing 2034 with amortisation 2032–2034) and a USD 1.35bn 12‑year at 8.70% (maturing 2039 with amortisation 2037–2039). Proceeds include a USD 500m buyback of older notes.

The transaction, by extending Kenya's external maturity profile and funding a targeted buyback, can improve rollover capacity and may serve as a fresh USD sovereign benchmark for East Africa. Conditional on secondary‑market uptake and actual execution of the buyback, investor demand and redistributed duration could compress relative spreads at the belly and long‑end of neighbouring sovereign curves, provided global funding conditions remain supportive.

Monitor completion of the USD 500m buyback and secondary‑market trading/liquidity in the new tranches within weeks.

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Developing story

Further independent confirmation is required.

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Price Discovery

Kenya sovereign curve

Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.

11 priced bonds
10.89%9.66%8.44%7.22%6.00%20272032203720422048Kenya 27 · May 2027 · 6.647%Kenya 28 · Feb 2028 · 7.189%Kenya 31 · Feb 2031 · 8.149%Kenya 32 · May 2032 · 8.952%Kenya 33 · Oct 2033 · 9.153%Kenya 34 Jan · Jan 2034 · 9.338%Kenya 34 Feb · Feb 2034 · 9.792%Kenya 36 · Mar 2036 · 9.944%Kenya 38 · Oct 2038 · 10.204%Kenya 39 · Feb 2039 · 10.239%Kenya 48 · Feb 2048 · 9.964%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • 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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