Kenya Plans Eurobond Sale to Buy Back $900M in Debt
TLDR
- Kenya will issue new dollar-denominated bonds to finance the buyback of $900 million in Eurobonds due in 2027
- The move aims to smooth Kenya’s external debt maturity profile and reduce repayment pressure
- The buyback offer began on Feb. 19 and closes on March 3, with priority given to existing bondholders who opt in early
Kenya will issue new dollar-denominated bonds to finance the buyback of $900 million in Eurobonds due in 2027, the National Treasury said Monday. The move aims to smooth Kenya’s external debt maturity profile and reduce repayment pressure.
The buyback offer began on February 19 and closes on March 3, with priority given to existing bondholders who opt in early.
This follows Kenya’s $1.48 billion Eurobond issuance in February 2024, which was used to retire debt maturing four months ahead of schedule.
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Key Takeaways
Kenya is focusing on debt restructuring as part of a broader fiscal consolidation strategy. The government aims to reduce its public debt-to-GDP ratio from 64% in 2024 to below 60% by 2028. Total public debt stood at $81.8 billion at year-end 2024, driven by increased borrowing and currency depreciation. The success of the new Eurobond issue will be crucial for Kenya’s debt sustainability and investor confidence.
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