NAIROBI, Kenya, Feb 27 – The government plans to repurchase Sh53.5 billion ($415.35 million) worth of its 2028 and 2032 Eurobonds as part of efforts to manage maturing external debt.
Under the tender offer, the State bought back Sh42 billion ($324.84 million) of the 8 percent 2032 notes and Sh11.5 billion ($90.51 million) of the 7.25 percent 2028 notes. The initial buyback target had been set at Sh65 billion ($500 million).
The repurchase forms part of a broader liability management strategy aimed at easing pressure from upcoming maturities and smoothing the country’s debt repayment profile.
The announcement follows the government’s successful raising of Sh290.3 billion ($2.25 billion) from the international bond market to refinance maturing Eurobonds and support budgetary needs.
Treasury Cabinet Secretary John Mbadi said the dual-tranche issuance comprised a Sh116 billion ($900 million) note priced at a yield of 7.875 percent with maturities in 2032, 2033 and 2034, and a Sh174.5 billion ($1.35 billion) bond carrying an 8.7 percent yield with maturities in 2037, 2038 and 2039.
