Kenya initiated a buyback offer for its USD 2 billion Eurobonds maturing in June, alongside announcing plans for new debt issuance. This move, aimed at managing the looming maturity, has seen the yield on the 2024 securities sharply drop to 9.96% from 15.79% in just a day. The buyback, set to conclude on February 14, will purchase bonds at par value plus accrued interest, with the repurchase amount dependent on the pricing of the forthcoming notes scheduled for February 12. Investors have closely monitored Kenya’s funding strategies due to concerns over its ability to service its debt amidst high import costs and limited FX reserves.