East African Breweries PLC (EABL) is making a decisive return to the debt market, launching the first tranche of its new KES 20 billion Domestic Medium-Term Note Programme. The regional beverage giant is immediately seeking KES 11 billion from investors, capitalizing on what it terms as favorable prevailing market conditions.
This new offering comes hot on the heels of the early redemption of EABL’s Ksh. 11 billion bond that was issued in October 2021.
Group Chief Financial Officer, Risper Ohaga, explained the dual decision to redeem the old bond early and immediately issue a new one: “Interest rates have reduced significantly since we issued the last medium term note in 2021 and we are of the considered view that this is an opportune moment to go back to the market. EABL believes that the market has the depth and sophistication to support significant corporate issuances, which has been proven time and again whenever we have gone to the capital markets.”
The funds raised from this latest corporate bond will be used strategically to finance investments, repay debts taken in the ordinary course of business, refinance short-term borrowings, and provide essential working capital for the group.
The new Ksh. 11 billion Medium-Term Note has received Capital Markets Authority (CMA) approval and is set to begin trading on the Main Fixed Income Securities Market of the Nairobi Securities Exchange (NSE).
| Action | Date/Details |
| Subscription Window | 15 days, beginning Monday, 27 October 2025 |
| Offer Closing Date | 10 November 2025 |
| Programme Total | Ksh. 20 Billion |
| First Tranche Amount | Ksh. 11 Billion |
Absa Securities Limited and Absa Bank Kenya PLC are serving as the Arrangers for the Note. James Agin, Absa Bank Kenya’s Managing Executive for Corporate and Investment Banking, highlighted the partnership:
“At Absa Bank Kenya, we are proud to serve as the Lead Arranger, Placing Agent, and Sponsoring Agent for EABL’s KSh20 billion Medium-Term Note Programme. This partnership is a strong testament to our commitment to helping our clients access sustainable, long-term financing through innovative capital markets solutions.”
EABL’s confidence in the market is well-founded; its last Medium-Term Note in 2021 was a resounding success, attracting Ksh. 37.9 billion in applications against a target of Ksh. 11 billion, achieving a substantial oversubscription.