Safaricom PLC on Tuesday listed the first tranche of its Domestic Medium-Term Note (DMTN) Programme at the Nairobi Securities Exchange (NSE), marking a milestone in Kenya’s capital markets.
Record Oversubscription
- Applications received: KES 41.4 billion against an initial target of KES 15.0 billion
- Subscription rate: 275.7%
- Accepted amount (after exercising KES 5.0 bn greenshoe option): KES 20.0 billion
- Coupon rate: 10.4% per annum
- Tenor: 5 years, maturing 11 December 2030
- Issue price: Par
- Minimum denomination: KES 50,000
This makes it Kenya’s largest green bond and the largest corporate bond ever issued by Safaricom.
Safaricom described the uptake as a reflection of “strong investor confidence in our strategy and long-term vision.”
NSE leaders, including CEO Frank Mwiti, Chairman Kiprono Kittony, and Stanbic Bank Kenya CEO Joshua Oigara, emphasized the transaction’s significance:
“The listing marks a defining milestone for Kenya’s capital markets and a proud moment for all stakeholders advancing a resilient, innovative, and inclusive financial ecosystem.”
Strategic Impact
Group CFO Dilip Pal confirmed that proceeds will fund:
- Operational efficiency improvements
- Expansion of renewable energy initiatives
- Sustainability projects across Safaricom’s network
The bell-ringing ceremony and Red Jacket Trade, attended by Safaricom executives, NSE leadership, and CMA representatives, officially marked the listing.
Market Significance
Safaricom’s oversubscribed note:
- Signals deep liquidity and a strong appetite for corporate debt
- Positions Safaricom as a benchmark issuer in Kenya’s fixed income market
- Encourages other corporates to tap capital markets
- Diversifies investment options beyond government securities
Quick Snapshot of Tranche 1 Results
| Metric | Value |
|---|---|
| Programme Amount | Kshs 40.0 bn |
| Tranche Number | 1 |
| Amount Offered | Kshs 15.0 bn |
| Bids Received | Kshs 41.4 bn |
| Subscription Rate | 275.7% |
| Amount Accepted | Kshs 20.0 bn |
| Acceptance Rate | 48.3% |
| Coupon Rate | 10.4% p.a |
| Issue Date | 11 Dec 2025 |
| Maturity Date | 11 Dec 2030 |
| Coupon Payments | 11 Dec & 11 Jun |
