Safaricom has kicked off the first phase of its KSh 40 billion Medium Term Note programme, putting KSh 15 billion worth of five-year green notes on the table at a fixed 10.40 percent. The telco plans to channel the funds into environmentally aligned projects under its sustainability blueprint.
The offer includes a greenshoe option of up to KSh 5 billion. Investors must come in with at least KSh 50,000, with additional bids in blocks of KSh 10,000. These will be senior, unsecured notes and will trade on the Nairobi Securities Exchange once listed.
The subscription window runs from 25 November at 8.00am to 5 December at 5.00pm. Allotment results will be published on 8 December, with investor notifications the following day. Settlement for institutional investors is set for 11 December, CDS accounts will be credited on 15 December, and the listing will take place on 16 December.
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Safaricom has limited the offer to Kenya, and the notes will be governed by Kenyan law.
Here’s a tidy summary of the terms:
| Metric | Details |
|---|---|
| Programme Size | KSh 40 billion |
| Tranche 1 Amount | Up to KSh 15 billion |
| Greenshoe Option | KSh 5 billion |
| Tenor | Five years |
| Interest Rate | 10.40 percent fixed |
| Note Type | Senior, unsecured, green |
| Offer Period | 25 Nov to 5 Dec 2025 |
| Allotment Date | 8 December 2025 |
| Listing Date | 16 December 2025 |
| Minimum Subscription | KSh 50,000 |
The move follows a lively streak in Kenya’s corporate bond market. East African Breweries recently drew KSh 16.76 billion for its own MTN issue against a target of KSh 11 billion, while KMRC and Family Bank have also been active. Safaricom now steps in as the market’s largest issuer.
