Kenya Plans Buyback of $577 Million in 2027 Eurobond

Kenya plans to buy back about $577 million of its 2027 Eurobond after receiving valid tenders amounting to $576,690,000 by the set deadline. The buyback is part of a strategy to enhance the country’s debt maturity profile, alongside a newly issued $1.5 billion Eurobond maturing in 2036.

The government of Kenya has announced its intention to repurchase approximately $577 million of its 2027 Eurobond, following a tender offer disclosed the previous week. Despite initially offering to buy back the entire $900 million Eurobond, the government received valid tenders totaling $576,690,000 prior to the March 3 submission deadline, as reported in a regulatory filing on the London Stock Exchange. The filing confirmed, “The Republic will accept for purchase all Notes validly tendered pursuant to the Offer.” This buyback initiative is part of a broader strategy aimed at optimizing the country’s debt maturity profile. Concurrently, the Kenyan government has issued a new $1.5 billion Eurobond set to mature in 2036, further managing its debt obligations.

In summary, Kenya’s government is moving to buy back a substantial portion of its 2027 Eurobond, totaling $577 million, as part of an effort to improve its debt maturity structure. This strategic maneuver includes a recent issuance of a new Eurobond maturing in 2036, signifying the country’s proactive approach to managing its financial responsibilities.

Original Source: www.tradingview.com