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Bond Market News
Kenya Launches Tender Offer to Buy Back 2028s and 2032s; Plans Dollar Bond Issuance
February 19, 2026
Kenya announced a tender offer to buy back upto a maximum amount of $500mn for its 7.25% bond due 2028 and its 8% amortizing bond due 2032. Details are shown in the table below:
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As seen in the table, the purchase price is at a premium to the market price of the notes. The relevant accrued interest will be paid in addition to the purchase price. The offers began on February 18 and will expire on February 25.
Separately, the nation also plans to issue a new two-part dollar bond issuance to fund the tender offer. Kenya last issued two dollar bonds in February and October last year, to buy back bonds that were coming due. Kenya’s planned issuance adds to other African sovereigns that have been active in the primary market this month — the Republic of Congo and Cote d’Ivoire issued dollar bonds, Cameroon raised money via a tap of its 2033s, with the Democratic Republic of Congo also planning a debut issuance. Analysts have noted that African sovereigns are coming to the offshore market amid lower borrowing costs and a risk-on sentiment to raise funds.
Kenya’s dollar bonds traded stable with its 8% 2032s at 104.9, yielding 6.9%. To put it into perspective, the bond’s yield stood at nearly 9.5% a year ago, reflecting the easing in borrowing costs.
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