Treasury Retires KSh 53.6Bn of Eurobonds After Heavy Demand for 2032 Notes
Kenya accepted US$415.4M (KSh 53.6B) of Eurobonds under its tender offer, fully buying back all 2028 notes tendered and partially accepting 2032 notes after heavy demand triggered proration. The 2032 line saw US$892.1M tendered, nearly three times the accepted amount, resulting in a proration factor of 0.329471. The buyback, funded by a US$2.25B (KSh 290.3B) bond sale, settles on March 3 and retires part of Kenya’s near- and medium-term external debt, easing refinancing pressure while extending maturities to 2034 and 2039.
The KSh 5 Trillion Fund that Must Build Kenya Without Debt
At the heart of the Bill is a brake that the proposed National Infrastructure Fund from issuing bonds, taking bank loans, or leveraging itself to raise capital.
Ethiopia's Banks Pull Back at Foreign Exchange Auction as Exposure Limits Bind
After weeks of heavy oversubscription, demand eased at Ethiopia’s latest USD 500 million FX auction, leaving about USD 45 million unallocated. Banks took up roughly USD 455 million, as exposure limits and rising pricing risk began to cap bids despite persistent dollar shortages.Kenya Added KSh 1.37 Trillion Debt in 2025, Domestic Lenders Carry the Load
Kenya’s public debt increased by KSh 1.37 trillion in 2025 to KSh 12.30 trillion, lifting the debt ratio to 67.5 percent of GDP. Domestic borrowing accounted for about 70 percent of the rise, with banks, insurers, and pension funds absorbing most new issuance. External debt grew more moderately, led by multilateral lenders, while bilateral exposure fell, including sharp reductions from China. Debt servicing pressures intensified, with nearly half of FY 2025/26 interest costs already incurred by December.Kenya Escalates Drought Interventions
This suggests that while drought risks are mounting in vulnerable counties, broader inflation pressures remain contained at the national levelKenya Raises KSh 290.3Bn to Refinance Eurobond Debt
The Kenyan Government has raised US$2.25B (KSh 290.3B) in a dual-tranche Eurobond sale to refinance near-term external debt, funding a buyback of its 2028 and 2032 notes and extending maturities to 2034 and 2039. The state sold US$900M seven-year notes at 7.875% and US$1.35B 12-year notes at 8.700%, with proceeds set aside to retire up to US$500M (KSh 64.5B) of outstanding Eurobonds and support the budget. Treasury linked the deal to improved investor confidence following Kenya’s recent credit rating upgrade.NSSF's Billions Tied Up in Dozens of Land, Tax Disputes
The National Social Security Fund (NSSF) sits at the centre of dozens of unresolved court cases and arbitrations that together run into the tens of billions of shillingsKenyan Companies Strike Delicate Balance on Higher Costs, Lower Sales- Stanbic PMI
The divergence between rising operating expenses and modest output price increases points to a tightening of corporate margins.Kenya to Buyback KSh 64.5Bn Eurobond Ahead of Fresh Dollar Bond Issue
Kenya has launched a US$500M (KSh 64.5B) Eurobond tender targeting its 7.25% notes due 2028 and 8.00% amortizing notes due 2032, offering premium prices as part of a liability management exercise linked to a planned new US dollar bond issue. The offer seeks up to US$150M (KSh 19.4B) of 2028 bonds and US$350M (KSh 45.2B) of 2032 notes at 103.50% and 105.50% of face value respectively, plus accrued interest. Acceptance depends on successful refinancing, with tendering investors receiving priority in allocations of the new issue.How Kenya’s Public Debt is Squeezing Money Out of Health, Schools, and Social Safety Nets
Transforming public debt from an obstacle into an enabler of socio-economic progress requires the collective effort of all actors within the public finance ecosystem
State House, DP Overspend While Development Spending Craters
State House and the Office of the Deputy President overspent their budgets by hundreds of millions of shillings even as Kenya diverted nearly eight out of every ten tax shillings to debt repaymentKenya's Seven Months Tax Revenues Up 7.4% to KSh 1.34 Trillion
Kenya’s tax revenues rose 7.4% year on year to KSh 1.34 trillion by January 2026, equal to 51% of the FY25/26 Treasury target and below historical seasonal norms. January collections increased 3.0% year on year to KSh 183.1 billion but fell 27.2% from December due to post-holiday seasonality. The shortfall has been offset by heavier domestic borrowing, which reached KSh 732.6 billion by end-January, while external financing remained constrained.
