East African Breweries Plc (EABL) successfully listed the first tranche of its Medium-Term Note (MTN) Programme on the Nairobi Securities Exchange (NSE), raising KES 16.76 billion.
Strong Investor Demand
- The issuance closed 154% oversubscribed, signalling renewed investor confidence in Kenya’s capital markets.
- This tranche is part of EABL’s KES 20 billion MTN Programme, designed to fund operations and regional expansion.
- Absa Bank Kenya, the lead arranger, highlighted the outcome as proof of Kenya’s financial ecosystem strength and investor sophistication.
This morning, we proudly hosted a Bell Ringing Ceremony to commemorate the listing of the first tranche of the East Africa Breweries Limited Medium Term Note, a significant milestone for both the issuer and our market.
The MTN comes at a time of exceptional momentum at the NSE.… pic.twitter.com/Eyh5iyGKUr
— NSE PLC (@NSE_PLC) November 25, 2025
Bell Ringing Ceremony
The listing was marked at the NSE with a bell-ringing ceremony. NSE CEO Mwiti Frank noted:
“Today’s listing sends a clear signal of renewed confidence in Kenya’s capital markets anchored by the NSE.”
EABL Group CEO Jane Karuku praised the investor response:
“This milestone reflects the confidence that investors continue to place in EABL’s performance, resilience, and strategic direction. The success of this first tranche is a major endorsement of our growth agenda and disciplined execution.”
Representing the National Treasury, Lawrence Kibet, Director General for Public Investments and Portfolio Management, commended EABL for deepening Kenya’s corporate bond market:
“Capital markets lie at the heart of our economic transformation agenda.”
Market Context
- Appetite for corporate bonds is rebounding, with the NSE encouraging issuers to tap into favorable conditions.
- The oversubscription reflects investor optimism about Kenya’s stabilizing macroeconomic environment.
- Funds raised will support EABL’s expansion across East Africa, with flexibility to issue the remaining KES 3.24 billion later.
Broader Market Momentum
EABL’s move follows Safaricom’s approval to establish a KES 40 billion MTN Programme, with options for green, social, or sustainability bonds.
Safaricom Launches KSh 15 Billion Green Notes Under MTN Programme
