Kenya successfully issued a $1.5 billion Eurobond in June 2024 — its first international bond since 2019 — to refinance a maturing $2bn bond and ease a debt crisis that had threatened to become Kenya’s first sovereign default. The issuance at 10.375% was oversubscribed and is now regarded as the turning point in Kenya’s debt crisis management. This record is being added for completeness as a landmark East African capital event not yet in your database.
Capital Details
Market Significance
Landmark — Kenya's return to international capital markets after a 5-year absence, and the definitive resolution of the 2023-2024 Kenyan debt crisis. Reestablished Kenya's access to international markets ahead of the SGR Phase 2 financing programme.
Risk / Considerations
Kenya's total public debt now exceeds 70% of GDP. Debt service costs consume over 50% of government revenues — fiscal sustainability remains a concern.