I&M Bank Kenya has officially listed its KES 13 billion corporate bond on the Nairobi Securities Exchange (NSE), marking a key milestone for the bourse and reaffirming its depth, resilience, and growing sophistication of Kenya’s capital markets as a reliable platform for long-term capital formation.
The listing follows an impressive performance of the issuance, which forms part of the larger Domestic Medium-Term Note (MTN) Programme. I&M Bank attracted KES 23.2 billion in applications against an offer of KES 10.00 billion, translating to an overall subscription rate of 232%. The lender accepted KES 13.00 billion, after exercising a KES 3 billion green shoe option.
“This successful capital raise marks a significant milestone for corporate financing in the region. By leveraging the Exchange to secure competitive, long-term growth capital, I&M Group PLC continues to demonstrate exemplary market leadership and strategic foresight,” stated the NSE via X.
The I&M Bank tranche 1 notes, which carry a tenor of 5.5 years and a coupon of 12.20%, join a growing list of corporate bonds listed on the Exchange, including the Real People MTN, Family Bank MTN, Linzi 003 IABS FXD MTN, EABL Domestic MTN, KMRC MTN, Safaricom MTN, and the KMRC Sustainability MTN.
I&M Bank Listing Highlights Strong Market Collaboration
The NSE also congratulated the parties involved in the successful transaction; lead arranger Standard Investment Bank, legal advisor Walker Kontos, Reporting accountants KPMG, Note Trustee Ropat Company, and the Co-operative Bank of Kenya, which served as the receiving bank.
“A landmark transaction of this magnitude highlights the collective effort of our market players. A huge commendation to the leading transaction advisors, placements agents, and market intermediaries who structured this high demand public offer,” added the NSE.
