I&M Bank Limited has announced the successful close of the public offer for the first tranche under its Kenya Shillings-denominated Medium-Term Note (“MTN”) Programme, with the offer recording an impressive subscription rate of 232.26% and attracting total applications amounting to KES 23,225,850,000 against the planned first tranche amount of KES 10 billion. In response to the strong investor demand, the Bank exercised the green-shoe option of KES 3 billion, bringing the total allotment for Tranche 1 to KES 13,000,000,000.
The strong uptake underscores investor confidence in the Bank’s financial strength, governance framework, long-term strategy and market positioning. It also reflects renewed market confidence in Kenya’s capital markets and growing investor appetite for well-structured corporate bond issuances, reinforcing the role of corporate debt markets in supporting long-term economic growth and private sector financing in Kenya.
The first tranche, structured as a fixed-rate note with a tenor of five years and six months, forms part of I&M’s broader long-term funding strategy aimed at supporting onward lending, strengthening capital adequacy through Tier II capital enhancement, and advance strategic business expansion.
The successful outcome of the offer also represents a significant market endorsement of the Bank’s iMara 3.0 strategy. Commenting on the successful outcome of the offer, I&M Group Regional CEO Mr. Kihara Maina said, “The strong response to this offer is a clear vote of confidence in I&M Bank’s long-term strategy, financial resilience and disciplined execution. It also reinforces market confidence in our iMara 3.0 strategy and our ambition to deepen leadership in our core markets while building relevance in new growth segments and ecosystems. We are encouraged by the quality and depth of investor participation and remain committed to delivering sustainable growth and long-term value to all our stakeholders.”
Mr. Maina added that the successful outcome of the transaction was also encouraging for the broader financial markets ecosystem.
“The success of this issuance is not only positive for I&M Bank, but also for Kenya’s capital markets. It signals growing investor confidence in corporate bonds as an important asset class and demonstrates the continued depth, resilience and maturity of Kenya’s capital markets.”
Successful applicants will receive confirmation of allotment through email, and the Notes are expected to be credited to investors’ CDSC accounts on or about 19 May, 2026.
The Notes are expected to be listed on the Nairobi Securities Exchange’s Main Fixed Income Securities Market Segment on 21 May 2026, subject to receipt of all regulatory approvals and completion of post-allotment processes.
The MTN Programme marks a significant milestone for I&M Bank as it continues to diversify its funding base, strengthen balance sheet resilience and deepen participation in Kenya’s capital markets.