Kenya’s government will buy back about $577 million of its 2027 Eurobond as part of a tender offer. While the original target was $900 million, valid tenders received amounted to $576,690,000. This initiative aims to improve the country’s debt maturity profile and accompanies a new $1.5 billion Eurobond issuance maturing in 2036.
The government of Kenya has announced plans to repurchase approximately $577 million of its 2027 Eurobond. This decision follows a tender offer that was made public the previous week. Initially, the East African nation intended to buy back the total $900 million Eurobond but received valid tenders totaling $576,690,000 by the deadline of March 3, as stated in a regulatory filing on the London Stock Exchange.
In summary, Kenya’s decision to repurchase a significant portion of its 2027 Eurobond is a strategic move aimed at managing its debt maturity profile. The government’s acceptance of all valid tenders reflects a commitment to financial stability. Furthermore, the issuance of a new $1.5 billion Eurobond maturing in 2036 underscores their efforts to strengthen their fiscal position.
Original Source: www.tradingview.com
