Confidence in Kenya’s capital markets has received a major boost following the successful listing of the first tranche of the East African Breweries PLC (EABL) Medium Term Note on the Nairobi Securities Exchange (NSE).
The milestone was commemorated with a bell-ringing ceremony today, celebrating the significant oversubscription of the note.
According to Frank Mwiti, Chief Executive of the Kenya Securities Exchange (KSE), the first tranche was heavily oversubscribed by 154%, successfully raising KES 16.76 billion (approximately USD 129.2 million).
“To all our investors and key partners in this transaction, we are truly honoured by your confidence in our value proposition. We remain committed to delivering on that trust,” said Risper Ohaga, the Group CFO
Clear Signal of Renewed Market Confidence
The success of the EABL note is being hailed as a critical turning point for the capital markets. The massive oversubscription indicates strong investor appetite and trust in Kenya’s financial stability and corporate sector.
“Today’s listing sends a clear signal of renewed confidence in Kenya’s capital markets anchored by the Nairobi Securities Exchange PLC,” stated Mwiti.
He noted that the event marks the beginning of a meaningful rebound in the corporate bonds market, which is recognised as an essential engine for long-term capital formation and sustainable economic growth.
According to Mwiti, the ability of a major blue-chip company like EABL, a subsidiary of Diageo Africa, to mobilise significant long-term domestic capital bodes well for other corporations seeking financing.
Call to Action for Capital Raisers
The overwhelming demand for the EABL note is seen as an open invitation to the wider corporate community. Mwiti encouraged businesses considering fundraising to leverage the current momentum, saying, “If you are thinking of raising capital, now is the time to come to Nairobi Securities Exchange PLC.”
The strong institutional and retail investor base demonstrated by the 154% oversubscription shows that the Kenyan market possesses the liquidity and conviction to back corporate expansion, providing a robust, home-grown alternative to traditional bank financing.
This indicates that the NSE is actively positioning itself as the premier hub for domestic and regional capital mobilisation, supporting the growth trajectory of East African companies.