Corporate Borrowing in Kenya Up 30% as NSE Turnover Hits Record Ksh.2 Trillion

Kenya’s corporate bond market is growing fast, with turnover at the Nairobi Securities Exchange (NSE) hitting about Ksh.2 trillion by November 2025.

This is a 30% jump from the Ksh.1.544 trillion recorded in 2024, according to the Capital Markets Authority (CMA).

The surge shows rising investor confidence and the growing importance of corporate debt in Kenya.

Speaking during the EABL bond bell-ringing ceremony on November 25, CMA CEO (represented by Director of Market Operations Daniel Warutere) said corporate bonds are becoming essential for both businesses and investors.

He said corporate bonds open new financing options for companies, give savers long-term investment choices, and help build a more resilient market with better price discovery.

OECD data shows that outstanding corporate bonds reached $34 trillion by the end of 2023. Companies issued about $8 trillion in new bonds in 2024, tapping favourable conditions to fund expansion and refinance debt.

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CMA says these global patterns influence investor appetite and pricing in Kenya.

EABL continues to lead Kenya’s corporate bond market after raising Ksh.16.76 billion in the first tranche of its Ksh.20 billion Medium-Term Note Programme, surpassing its initial Ksh.11 billion target.

Investors can buy these notes through major banks and investment firms such as KCB, NCBA, Stanbic, Cooperative Bank, ABSA, DTB, Family Bank, and I&M Bank.

The notes are expected to list on the NSE on December 9, 2025.

CMA says the rising bond uptake shows that Kenyan investors are increasingly open to long-term debt investments, while companies are taking advantage of more flexible and competitive financing options beyond traditional bank loans.