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Kenya Plans to Refinance Its Dollar Bonds
August 22, 2025
Kenya plans to refinance its dollar bonds maturing over the next nine years to ease repayment pressures, the country’s Treasury Secretary John Mbadi said. Following February’s $1.5bn issuance of its 9.25% 2036s which funded the buyback of 2027 notes, the government now aims to repurchase its outstanding $1bn 7.25% 2028s “as a matter of urgency.” Kenya faces more than $5bn in offshore bond maturities by 2034. The Treasury is also renegotiating about $952mn in costly loans from the Trade and Development Bank after diverting earlier eurobond proceeds to plug budget gaps when expected IMF and World Bank disbursements were delayed.
Additionally, Kenya plans to raise JPY 25bn ($168mn) through a samurai bond and has agreed with Japan on a 7Y loan of a similar amount to support the automotive industry and power sector. An IMF mission is expected to visit Kenya in September which will discuss a new funding program, with talks likely to cover fiscal consolidation, tax predictability, governance, and debt management. Mbadi noted that the potential IMF support would strengthen budget stability, investor confidence, and access to other multilateral funding.
Kenya’s 7.25% 2028s rose by 0.5 points to trade at 100.1, yielding 7.22%
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