I&M Bank has officially listed the first tranche of its Kenya Shillings-denominated Medium-Term Note (MTN) Programme on the Nairobi Securities Exchange, opening a new avenue for investor participation in the corporate debt market.
The lender’s inaugural tranche attracted KSh 23.23 billion in bids, more than double its initial KSh 10 billion target, reflecting strong investor appetite for corporate fixed-income securities.
Part of the proceeds will be used to refinance an existing US$50 million subordinated facility from the International Finance Corporation that matures in March 2028, with repayments scheduled to begin in September 2026. The fundraising therefore serves both as a refinancing strategy for Tier II capital and a move to strengthen the bank’s future lending capacity.
With the notes now trading on the secondary market, investors can access the listed instrument with a minimum investment of KSh 50,000.
Speaking during the NSE bell-ringing ceremony, I&M Group Executive Director Sarit Shah said the listing reinforces the bank’s long-term funding structure while supporting its iMara 3.0 growth strategy, which focuses on expanding its presence in corporate and commercial banking, strengthening retail and SME operations, and scaling ecosystem-driven financial solutions.
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The issuance adds to a growing wave of successful corporate bond offers on the NSE, which have collectively attracted KSh 50.79 billion in bids across four consecutive listings since November 2025.
NSE Chief Executive Officer Frank Mwiti noted that the transaction, following recent successful issuances by Safaricom, East African Breweries Limited and Kenya Mortgage Refinancing Company, highlights rising investor confidence and the growing sophistication of Kenya’s corporate bond market.
Attention is now shifting to the depth of secondary market activity. While primary demand has remained robust, market analysts say the long-term success of the revival will depend on whether investors actively trade the bonds instead of simply holding them until maturity.
