Kenya has announced the results of its tender offer for the US$1 billion (KSh 129.2 billion) Eurobond maturing in 2028, confirming it has accepted tenders worth US$628.44 million (KSh 81.2 billion) for repurchase at a premium price of US$1,037.50 per US$1,000, plus accrued interest.
- •The transaction, launched on 2 October 2025, followed Kenya’s successful new Eurobond issuance raising US$1.5 billion (KSh 193.9 billion) through two tranches.
- •The offer closed on 9 October 2025 (New York time), with all valid tenders accepted in full and no proration applied.
- •The buyback forms part of Kenya’s broader debt management plan to smooth Eurobond maturities and reduce refinancing risk ahead of multiple upcoming redemptions.
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Part of Liability Management Strategy
The 7.25% Notes due 2028, first issued in 2018, were among Kenya’s early post-pandemic bonds scheduled for repayment in June 2028.
The tender was financed using proceeds from the new US$1.5 billion (KSh 193.9 billion) Eurobond sale, satisfying the “New Financing Condition” outlined in the tender memorandum.
All repurchased notes will be cancelled and permanently retired, while the remaining US$371.6 million (KSh 48.1 billion) will stay outstanding until maturity.
Citigroup, Standard Bank Led Transaction
Citigroup Global Markets Limited and The Standard Bank of South Africa Limited acted as dealer managers, with Citibank N.A., London Branch serving as tender agent.
Settlement for accepted notes is set for 14 October 2025, according to the official Treasury notice.
This follows earlier 2024 liability-management operations on Kenya’s 2027 and 2032 Eurobonds. By retiring over 60% of the 2028 issue, Kenya has eased near-term external debt pressures while aligning with IMF-supported fiscal consolidation efforts.
