Kenya’s government plans to buy back $577 million of its 2027 Eurobond, accepting valid tenders following a recent offer. The buyback is part of an effort to enhance its debt maturity profile, alongside issuing a new $1.5 billion Eurobond maturing in 2036.
The Government of Kenya announced on Tuesday its intention to repurchase approximately $577 million of its 2027 Eurobond, following a tender offer that was disclosed the previous week. Initially, Kenya sought to acquire the entire $900 million Eurobond; however, valid tenders received by the March 3 deadline amounted to $576,690,000, as stated in a regulatory submission to the London Stock Exchange.
In the regulatory filing, it was confirmed that, “The Republic will accept for purchase all Notes validly tendered pursuant to the Offer.” This buyback initiative is part of Kenya’s broader strategy to improve its debt maturity profile. To facilitate this, the government also issued a new Eurobond worth $1.5 billion, set to mature in 2036.
In summary, Kenya’s government is undertaking a significant buyback of its 2027 Eurobond amounting to $577 million, as part of a larger debt management strategy. This effort follows a tender offer that aimed for a larger buyback and is complemented by the issuance of a new Eurobond due in 2036. This action reflects Kenya’s commitment to optimizing its debt obligations and financial stability.
Original Source: www.tradingview.com
