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Issuer developmentsKenyaDeveloping story

Kenya announces tender offer for $1.0bn 2028 and $1.2bn 2032 Eurobonds, plans new dollar issuance

On 18 February 2026 Kenya announced a tender offer to buy back its US$1.0 billion Eurobond due 2028 and US$1.2 billion Eurobond due 2032, and said it intends to issue new dollar‑denominated bonds in one or more series to replace maturing obligations. The tender offer expires on 25 February 2026.

MSA Market DeskEvent 18 February 2026Reviewed 2 min read

The desk brief

On 18 February 2026 Kenya announced a tender offer to buy back its US$1.0 billion Eurobond due 2028 and US$1.2 billion Eurobond due 2032, and said it intends to issue new dollar‑denominated bonds in one or more series to replace maturing obligations. The tender offer expires on 25 February 2026.

A tender offer that retires portions of near‑term Eurobonds and is paired with new dollar issuance can either lower immediate rollover risk if the buyback is cash‑financed, or simply extend maturities and reprice the curve if it is swap‑style or replaced by fresh issuance. Market reaction will hinge on accepted take‑up, pricing of any new issues and investors’ perception of Kenya’s fiscal path and FX outlook.

Tender offer deadline and LSE notice on accepted amounts — 25 February 2026; details and pricing of any new dollar issue.

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Developing story

Further independent confirmation is required.

Public references supporting this brief.

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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%

Indicative levels only. Full bid/ask context and trading actions remain inside MSA Trader.

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