I&M Bank raises $101M after 232% bond oversubscription

What's the deal? I&M BankDealroom has a profile for this one. Try Dealroom → has closed the first tranche of its Kenya shilling-denominated Medium-Term Note programme after receiving applications worth Sh23.23 billion ($180M) — more than double its Sh10 billion ($77M) target. The 232% oversubscription prompted the bank to activate a Sh3 billion green-shoe option, bringing the total raised to Sh13 billion ($101M).

The fixed-rate note carries a tenor of five years and six months. It forms part of I&M's broader funding strategy to support lending, strengthen its Tier II capital position, and finance business expansion.

Why now? Kenyan firms are increasingly turning to corporate bonds to diversify funding beyond traditional bank loans. I&M Group regional chief executive officer Kihara Maina said the strong uptake reflected confidence in the bank's financial position and its "iMara 3.0" growth plan.

The notes are expected to list on the Nairobi Securities ExchangeDealroom has a profile for this one. Try Dealroom → on May 21, 2026, subject to regulatory approvals.

The signal: I&M Bank's mature status and established market position likely helped drive the 232% oversubscription, but the result also speaks to a broader shift in Kenya's capital markets. With the Nairobi Securities Exchange — itself one of the largest securities exchanges in Africa — set to list the notes, the issuance could encourage other Kenyan lenders and corporates to follow suit, deepening the country's corporate bond market as an alternative to government paper.

Read more: theinformer.co.ke