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Kenya Announces Tender Offer for 2027s Contingent on Dollar Bond Issuance
February 25, 2025
Kenya plans to issue new dollar bonds to help repurchase $900mn of its 7% 2027s, as part of efforts to manage its external debt and smooth out its debt maturity profile. The country has not disclosed the amount it intends to raise or the bond’s maturity period. This move follows Kenya’s refinancing of a $2bn eurobond last year, extending its maturity to 2031 at a higher cost. The next significant maturity after this is a $1bn eurobond due in 2028. The purchase price for the 2027s is $1,002.50 per $1,000 of principal. The offer expires on March 3. While Kenya has made progress in managing its debt, the IMF warns that its debt, now at 63% of GDP, is at high risk of distress. The country is also grappling with mounting arrears to contractors and suppliers.
Kenya’s dollar bonds were trading stable, with its 6.3% 2034s at 80.4 cents on the dollar, yielding 9.78%.
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