The short version
Kenya has eleven Eurobonds listed on international markets, all of them in US dollars. Nine of the eleven do not repay in one lump at the end. They repay in instalments, a slice at a time over the final years of the bond's life, which means the amount still owed shrinks while the bond is still trading. That is the first thing to know before reading any number about them.
There is also a twelfth Kenyan note, placed privately in April 2025, which is not on this site at all. It is described further down, because a list that quietly leaves something out is worse than a list that says what it is missing.
What makes Kenya unusual in this collection is not the bonds themselves. It is the paperwork.
One word does all the work
Most sovereign bond documents say a bond “will be redeemed in three instalments” and stop there. That leaves a reader to guess whether the three parts are the same size. Where a document does not say, we work it out and label the result as our own inference rather than as fact.
Kenya's documents do say. Condition 7(a) of the February 2024 offering circular reads “the Issuer will redeem the Notes in three equal instalments”, and the summary pages then give the actual amount of each one. Eight of Kenya's nine instalment schedules are quoted from the documents in that way rather than reconstructed.
Côte d'Ivoire's prospectuses, next door, say “three instalments” and leave the word “equal” out. That turns out not to be carelessness: Côte d'Ivoire's instalments genuinely are uneven — 333, then 333, then 334 for every 1,000 owed. Two neighbouring governments, the same three-part shape, different arithmetic, and the only visible difference is one word in a summary. Neither could have been got right by copying the other, and assuming they matched would have put a wrong number on this site.
The eleven listed bonds
All in US dollars. Interest is paid twice a year in every case, on a 30E/360 basis — the convention that treats every month as 30 days and every year as 360. Nine repay in instalments; the 2028 and the 2048 repay in one go.
7.000% due 22 May 2027 — repays in instalments
The prospectus cover calls it what it is: US$900,000,000 7.000 per cent. Amortising Notes due 2027. It repays in three equal slices on the same date three years running, and two of those three have already been paid.
Our own records classify this one as a bond that repays in a single lump. That is wrong, and we say so under “What we have wrong” below. It does not affect the price.
- Coupon
- 7.000% confirmed
- Final maturity
- 22 May 2027 confirmed
- Originally issued
- US$900,000,000 confirmed
- Repayment
- Three equal instalments of US$300,000,000 on 22 May 2025, 22 May 2026 and 22 May 2027 confirmedQuoted word for word from the prospectus of 20 May 2019.
- Interest dates
- 22 May and 22 November confirmed
- Still outstanding
- About US$106,770,000 inferredOur arithmetic, not a published figure: US$900,000,000 issued, less US$579,690,000 bought back in the March 2025 tender, less the two instalments since paid. inferred
7.250% due 28 February 2028 — repays in one go
One of Kenya's two remaining bonds that simply repay the whole amount on the final day. Most of it has already been bought back by the Republic, so what is left is far smaller than the amount originally lent.
- Coupon
- 7.250% confirmed
- Final maturity
- 28 February 2028 confirmed
- Originally issued
- US$1,000,000,000 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 28 February and 28 August confirmed
- Still outstanding
- US$281,049,000 confirmedOur own store holds US$281,048,000, one thousand dollars less. See “What we have wrong” below.
9.750% due 16 February 2031 — repays in instalments
Sold in February 2024 to refinance three quarters of an older bond that was about to fall due — the classic reason a government comes to this market when it is not raising new money.
- Coupon
- 9.750% confirmed
- Final maturity
- 16 February 2031 confirmed
- Originally issued
- US$1,500,000,000 confirmed
- Repayment
- Three equal instalments of US$500,000,000 on 16 February 2029, 16 February 2030 and 16 February 2031 confirmedCondition 7(a) of the offering circular of 14 February 2024.
- Interest dates
- 16 February and 16 August confirmed
- Still outstanding
- Full amount — none bought back, repayment has not started
8.000% due 22 May 2032 — repays in instalments
Sold alongside the 2027 under the same 2019 prospectus. Part of it was bought back in February 2026.
- Coupon
- 8.000% confirmed
- Final maturity
- 22 May 2032 confirmed
- Originally issued
- US$1,200,000,000 confirmed
- Repayment
- Three equal instalments of US$400,000,000 on 22 May 2030, 22 May 2031 and 22 May 2032 confirmedQuoted word for word from the prospectus of 20 May 2019.
- Interest dates
- 22 May and 22 November confirmed
- Still outstanding
- US$875,158,000 confirmedAfter the February 2026 buy-back, in which US$324,842,000 was accepted out of US$892,119,000 offered.
7.875% due 9 October 2033 — repays in instalments
Sold in October 2025 as one of a pair, the other being the 2038 below. The circular says the money was raised partly to buy back the 2028.
- Coupon
- 7.875% confirmed
- Final maturity
- 9 October 2033 confirmed
- Originally issued
- US$750,000,000 confirmed
- Repayment
- Three equal instalments of US$250,000,000 confirmedThe instalment amounts are stated in the circular. The three exact dates are not set out in our tracker, so we hold them as the coupon anniversary in each of the final three years. inferred
- Interest dates
- 9 April and 9 October confirmed
- Still outstanding
- Full amount — none bought back, repayment has not started
6.300% due 23 January 2034 — the exception: two instalments, not three
Every other instalment bond Kenya has issued repays in three equal parts. This one repays in two. It is the single exception to the Republic's house pattern, and it is exactly the sort of thing that gets missed by anyone who assumes a country does the same thing every time.
Its terms were the last of Kenya's to be confirmed. The offering circular was not on the Treasury's own website; it was eventually found in the FCA's National Storage Mechanism, filed in June 2021.
- Coupon
- 6.300% confirmed
- Final maturity
- 23 January 2034 confirmed
- Originally issued
- US$1,000,000,000 confirmed
- Repayment
- Two equal instalments of US$500,000,000 on 23 January 2033 and 23 January 2034 confirmedQuoted word for word from the June 2021 offering circular.
- Interest dates
- 23 January and 23 July confirmed
- Still outstanding
- Full amount — repayment has not started
7.875% due 26 February 2034 — repays in instalments
Sold in February 2026 as one of a pair with the 2039 below, to buy back the 2028 and part of the 2032.
- Coupon
- 7.875% confirmed
- Final maturity
- 26 February 2034 confirmed
- Originally issued
- US$900,000,000 confirmed
- Repayment
- Three equal instalments of US$300,000,000 confirmedThe instalment amounts are stated in the circular. The three exact dates are not set out in our tracker, so we hold them as the coupon anniversary in each of the final three years. inferred
- Interest dates
- 26 February and 26 August confirmed
- Still outstanding
- Full amount — none bought back, repayment has not started
9.500% due 5 March 2036 — repays in instalments
The document for this bond contradicted itself. The front of the circular said interest is paid on 5 March and 5 September; the legal conditions at the back said 16 February and 16 August — dates carried across in error from the 2031 bond. The Republic corrected it formally in August 2025. The front page was right.
- Coupon
- 9.500% confirmed
- Final maturity
- 5 March 2036 confirmed
- Originally issued
- US$1,500,000,000 confirmed
- Repayment
- Three equal instalments of US$500,000,000 confirmedThe instalment amounts are stated in the circular. The three exact dates are not set out in our tracker, so we hold them as the coupon anniversary in each of the final three years. inferred
- Interest dates
- 5 March and 5 September confirmedAs corrected by the Republic's announcement of 13 August 2025.
- Still outstanding
- Full amount — none bought back, repayment has not started
8.800% due 9 October 2038 — repays in instalments
The other half of the October 2025 pair.
- Coupon
- 8.800% confirmed
- Final maturity
- 9 October 2038 confirmed
- Originally issued
- US$750,000,000 confirmed
- Repayment
- Three equal instalments of US$250,000,000 confirmedThe instalment amounts are stated in the circular. The three exact dates are not set out in our tracker, so we hold them as the coupon anniversary in each of the final three years. inferred
- Interest dates
- 9 April and 9 October confirmed
- Still outstanding
- Full amount — none bought back, repayment has not started
8.700% due 26 February 2039 — repays in instalments
The other half of the February 2026 pair, and the largest of Kenya's recent issues.
- Coupon
- 8.700% confirmed
- Final maturity
- 26 February 2039 confirmed
- Originally issued
- US$1,350,000,000 confirmed
- Repayment
- Three equal instalments of US$450,000,000 confirmedThe instalment amounts are stated in the circular. The three exact dates are not set out in our tracker, so we hold them as the coupon anniversary in each of the final three years. inferred
- Interest dates
- 26 February and 26 August confirmed
- Still outstanding
- Full amount — none bought back, repayment has not started
8.250% due 28 February 2048 — repays in one go
Kenya's longest bond, sold alongside the 2028 in February 2018. Like the 2028 it repays in a single payment at the end rather than in instalments.
- Coupon
- 8.250% confirmed
- Final maturity
- 28 February 2048 confirmed
- Originally issued
- US$1,000,000,000 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 28 February and 28 August confirmed
- Still outstanding
- Full amount — none bought back confirmed
What is not on this page
A twelfth Kenyan note exists, and we do not carry it
On 25 April 2025 the Republic announced a private placement: US$500,000,000 of 8.25% amortising notes due 2032, settled at par on 30 April 2025, raised for “general budgetary support and liability management operations”. We found it in the FCA's National Storage Mechanism, filed by Kenya itself.
It is not on this site. The announcement published no identifying code for it, and we found no evidence that it was ever admitted to trading anywhere — which would mean there is no lawful public price for it to show. Our rule is that we do not add a bond without an identifier taken from a document, so it stays out until one exists.
The practical consequence is a phrase we try never to use loosely. Kenya has eleven listed Eurobonds. It has twelve obligations of this kind. And because that private note also matures in 2032, Kenya has two different amortising 2032 dollar bonds — a pair it would be easy to confuse.
One bond that has gone, correctly
Kenya's 6.875% notes due June 2024 — US$2bn, sold in two parts in 2014 — no longer exist. The Republic refinanced about three quarters of it through the February 2024 tender that funded the 9.750% 2031 above, and, in the National Treasury's own words, “the remaining portion … amounting to USD 500 million was repaid on maturity”. It is fully retired and correctly absent.
What we have wrong, and what we are not sure about
Two errors in our own records and two cautions, stated plainly rather than papered over.
We classify the 2027 as the wrong kind of bond
The 7.000% due May 2027 repays in three instalments, and its own prospectus cover says so. Our store nonetheless records it as a bond that repays in a single lump, with no instalment schedule attached.
The published price is not wrong, and the reason is luck rather than design: two of its three instalments have already been paid, so the remaining balance does fall due on one date, 22 May 2027. An instalment bond with one instalment left behaves exactly like a bond that repays in one go. Had we noticed this in 2024, when all three were still ahead, the price would have been materially wrong. It is listed here as an error we have not yet fixed, not as one we have.
Our figure for the 2028 is one thousand dollars light
We hold US$281,048,000 still outstanding on the 7.250% due 2028. Adding up the Republic's own announcements of what it bought back gives US$281,049,000. The gap is exactly one thousand dollars — a single denomination increment, which reads as a transcription slip rather than a missed event. It has no effect on the price. We mention it because a record that is nearly right is still not right.
The exact instalment dates on five lines are ours, not theirs
For the 2033, the 7.875% 2034, the 2036, the 2038 and the 2039, the circulars state how much each instalment is but our tracker does not record the three exact dates. We hold them as the coupon anniversary in each of the final three years, which is what Kenya has done every other time. That is a reasonable reading and it is still a reading, so it is tagged as one above rather than presented as quoted.
A code that looks like Kenya and is not
The identifier XS1028951777 circulates in some places as belonging to an old Kenyan note. On Euronext Dublin it belongs to a completely different issuer — a euro-denominated bond of another borrower entirely. We record it here so that nobody, ourselves included, loads it as Kenyan debt.
Where every figure here comes from
No data vendor supplies the terms on this page. No Bloomberg or vendor-terminal data was used in compiling them, and none is cited. Each source below is a public document.
| What it tells us | Source |
|---|---|
| Terms of the 7.250% 2028 and the 8.250% 2048, and the day-count wording that settled the convention for all eleven lines | Republic of Kenya, Offering Circular dated 22 February 2018 |
| That the 2027 repays in instalments, and the word-for-word three-equal-instalment schedules for both the 2027 and the 2032 | Republic of Kenya, Prospectus dated 20 May 2019 |
| Terms of the 9.750% 2031, and the Condition 7(a) wording — “three equal instalments” of US$500,000,000 on 16 February 2029, 2030 and 2031 | Republic of Kenya, Offering Circular dated 14 February 2024 |
| The two-instalment schedule of the 6.300% 2034, and its interest dates. Not on the Treasury's own site; filed here in June 2021 | Republic of Kenya offering circular, located in the FCA National Storage Mechanism |
| Terms of the 9.500% 2036 — and the internal contradiction between its cover and its legal conditions | Republic of Kenya, Offering Circular dated 3 March 2025 |
| The correction of the 2036 interest dates to 5 March and 5 September, as a manifest error | Republic of Kenya, “Amendment to the Terms and Conditions of the Notes”, 13 August 2025 |
| Terms and instalment amounts for the 7.875% 2033 and the 8.800% 2038 | Republic of Kenya, Offering Circular dated 7 October 2025 |
| Terms and instalment amounts for the 7.875% 2034 and the 8.700% 2039 | Republic of Kenya, Offering Circular dated 24 February 2026 |
| Every buy-back and tender amount on this page, and the April 2025 private placement | Republic of Kenya announcements to the London Stock Exchange, 2025 and 2026 |
| That three quarters of the 2024 bond was refinanced and the remaining US$500 million repaid on maturity | The National Treasury (Kenya), Annual Public Debt Management Report FY2023/24 |
| Instrument records used to confirm identifiers and the amortising designation | London Stock Exchange and Euronext Dublin instrument records |
How we work out the price
Nothing on this page is a price. Terms change rarely — a coupon, a maturity date and a repayment schedule are fixed when the bond is sold — so a reference page can state them once and stand. Prices change all day, so they live on the price page and only there. If a figure here ever disagrees with one there, this page is the one to distrust, and we would like to hear about it.
Information only. This page is general educational material about how this market works. Nothing here is investment, financial, legal or tax advice, or a recommendation to buy or sell any security. Prices shown elsewhere on this site are indicative and are not an offer to trade.
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