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Kenya to Consider Buyback of $500mn of Eurobonds
July 14, 2026
Kenya is considering buying back about $500mn of its bonds to extend maturities and ease repayment pressures, according to sources. The nation would buy back the notes and fund it via new dollar debt during the fiscal year ending June 2027. The final amount will depend on investor appetite and any surplus will be directed toward budget financing. If completed, this would mark Kenya’s fourth buyback in two years. The IMF classifies Kenya as being at high risk of debt distress. The current administration has struggled to raise adequate revenue prompting the government to restructure its external and domestic liabilities. This includes a yuan-for-dollar swap negotiated with China last year. According to Treasury data, Kenya had $43.7bn in external debt as of the end-March of which $15.3bn was owed to the World Bank, $10.6bn to eurobond investors, and ~$4.7bn to China.
Kenya’s dollar bonds traded stable with its 6.3% 2034s at 89.9, yielding 8.1%
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