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Bond Market News
Kenya Plans to Raise Funds via Eurobond and Debt Swaps
August 17, 2026
– Vandit P
Kenya plans to raise $815mn through a Eurobond by the end of December to help finance its budget deficit and lower borrowing costs, as part of a broader $5.4bn external-financing program for the fiscal year ending June 2027. According to the National Treasury’s borrowing plan, the financing package will also include a $300mn panda bond, a $500mn sukuk and a $1bn debt-for-food swap with the World Food Programme. In addition, Kenya intends to undertake liability-management operations to retire at least $500mn of high-cost external debt to reduce debt-servicing expenses and limit refinancing risks. The strategy comes as Kenya seeks to take advantage of improving conditions in global debt markets, including falling borrowing costs and tighter credit spreads.
Kenya’s dollar bonds traded stable with its 6.3% 2034s at 91.6, yielding 7.8%
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