Kenya Plans to Repurchase $577 Million of 2027 Eurobond in Strategic Move
Kenya plans to buy back approximately $577 million of its 2027 Eurobond, following a tender offer, after receiving valid tenders worth $576,690,000 by the March 3 deadline. This buyback is part of a strategy to improve debt maturity management, accompanied by the issuance of a new $1.5 billion Eurobond due in 2036.
The government of Kenya has announced its intention to repurchase approximately $577 million of its 2027 Eurobond, following a tender offer made public last week. Initially, Kenya had aimed to acquire the entire $900 million Eurobond. However, as per the regulatory filing on the London Stock Exchange, valid tenders amounting to $576,690,000 were received by the March 3 deadline.
In the regulatory disclosure, it was stated, “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 enhance the management of its debt maturity profile. Concurrently, the government has launched a new Eurobond issue of $1.5 billion, due to mature in 2036, which complements its financial restructuring efforts.
In summary, Kenya’s decision to repurchase a substantial portion of its 2027 Eurobond reflects a proactive approach to debt management. The successful tender process demonstrated a strong response from investors. Moreover, the issuance of a new Eurobond maturing in 2036 is indicative of the government’s efforts to improve its debt profile and secure its financial future.
Original Source: www.tradingview.com
