The government of Kenya has announced the results of its tender offer for two international sovereign notes, confirming strong investor participation and partial acceptance of its 2032 amortizing bonds.
In a statement dated 26 February 2026, the government said it had invited eligible holders of its Sh131.0 billion 7.250 per cent Notes due 2028 and Sh157.2 billion 8.000 per cent Amortizing Notes due 2032 to tender their securities for cash purchase.
The offers, first announced on 18 February 2026, expired at “5.00 p.m. (New York City time) on 25 February 2026,” the statement said.
By the deadline, Kenya had received valid tenders of approximately Sh11.9 billion for the 2028 Notes and Sh116.9 billion for the 2032 Notes.
However, demand for the 2032 Notes exceeded the government’s maximum purchase allocation. The statement noted: “With respect to the 2032 Notes, the aggregate principal amount of Notes validly tendered would result in the applicable Maximum Purchase Amount applicable to such 2032 Notes being exceeded.”
As a result, the government applied a prorated acceptance. “The Republic has accepted 2032 Notes for purchase subject to proration, with the final proration factor being 0.329471 and the aggregate principal amount of the 2032 Notes accepted for purchase being U.S.$324,842,000,” the statement read — equivalent to about Sh42.6 billion.
In contrast, the 2028 Notes were fully accepted. “The 2028 Notes validly tendered were accepted for purchase by the Republic in full,” the government confirmed.
The purchase price was set at approximately KSh 135,583 per Sh131,018 principal amount for the 2028 Notes and about KSh 138,174 per KSh 131,018 principal amount for the 2032 Notes, with accrued interest payable in addition to the purchase price.
Kenya also disclosed that on 19 February 2026, it “successfully priced two series of New Notes in an aggregate principal amount of U.S.$2,250,000,000,” equivalent to roughly Sh294.8 billion, adding that the New Financing Condition was satisfied on the closing date of 26 February 2026.
Settlement for the accepted notes is scheduled for 3 March 2026, after which the purchased notes will be cancelled and not reissued.
The transaction was managed by Citigroup Global Markets Limited and The Standard Bank of South Africa Limited as Dealer Managers, while Citibank N.A., London Branch acted as Tender Agent.
