Nairobi Securities Exchange (NSE) listed lender, I&M Bank, has placed the first tranche of its oversubscribed Kenya Shillings-denominated Medium-Term Note (MTN) on the bourse’s Main Fixed Income Securities Market Segment.
The listing now allows investors to buy and sell the Notes on the secondary market, subject to prevailing market conditions, with minimum bids set at Sh50,000 in a move aimed at broadening access beyond the primary offer period.
The development follows a highly successful public offer that attracted applications worth Sh23.23 billion against the planned Sh10 billion first tranche, translating to an oversubscription rate of 232.3 per cent.
The lender said the strong uptake reflected growing investor confidence in I&M Bank’s financial strength, governance standards, long-term strategy and market positioning.
Proceeds from the Medium-Term Note programme are expected to support the bank’s long-term funding requirements, strengthen its balance sheet and accelerate implementation of its iMara 3.0 growth strategy.
Under the strategy, the bank is seeking to deepen its leadership in corporate and commercial banking while expanding its footprint in the retail and SME segments alongside ecosystem-led financial solutions.
The lender is leveraging the debt capital markets to diversify funding sources and secure stable long-term capital to support lending and expansion initiatives.
According to I&M Group executive director Sarit Shah, said the listing marks an important milestone for both the bank and investors by moving the Notes into an active trading environment that supports liquidity, price discovery and wider participation in Kenya’s fixed income market.
He added that the transaction strengthens the bank’s long-term funding base while positioning the institution for the next phase of growth under the iMara 3.0 strategy.
Frank Mwiti, the chief executive officer of the Nairobi Securities Exchange, welcomed the listing, saying it adds to the renewed momentum in Kenya’s corporate debt market.
Mwiti noted that the successful issuance demonstrates growing confidence in Kenya’s capital markets and the expanding role of corporate notes in mobilising long-term funding for private sector investment.
He said the transaction follows other successful debt issuances by Safaricom PLC, East African Breweries Limited and Kenya Mortgage Refinance Company.
Kenya’s corporate bond market has experienced a sharp resurgence over the past 12 months, with the segment surpassing Sh100 billion in cumulative value amid increased activity from corporates seeking alternative funding sources outside traditional bank financing.
Market analysts attribute the growth to improving investor appetite for fixed-income products, relatively stable interest rates and renewed confidence in the capital markets following a series of successful corporate issuances.
Growing participation from institutional investors such as pension funds, insurance firms and asset managers seeking higher-yield investment opportunities has also supported the revival.
The resurgence is expected to deepen the country’s capital markets by increasing liquidity, diversifying financing options for corporates and reducing overreliance on short-term bank borrowing.
Industry players say the trend could pave the way for more companies to tap the debt market to finance expansion, infrastructure and long-term strategic projects.
