Kenya Mortgage Refinance Company sh 3 billion Sustainability Bond Listed at NSE

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Daniel Warutere - Director, Market Regulations, Capital Markets Authority (CMA), Johnstone Oltetia - CEO & ManagingDirector, KMRC, Hon FCPA John Mbadi Ng'ongo, EGH, Cabinet Secretary- National Treasury & Economic Planning, Dr. Haron Sirima, OGW, EBS , Chairman- KMRC Board and John Gachora, Group MD, NCBA during the event in Nairobi-Photo Courtesy


By Dickson Odhiambo

 

May 25,2026

 

Kenya Mortgage Refinance Company sh 3 billion Sustainability Bond Listed at NSE

The Kenya Mortgage Refinance Company (KMRC) has listed its sh 3 billion Sustainability Bond at the Nairobi Securities Exchange (NSE), after the issuance attracted applications worth  9.38 billion, an over-subscription rate of 312.8 percent.

 

The listing marks the second successful tranche under the Company’s approved Kes. 10.5 billion Medium-Term Note Programme. It follows the Company’s inaugural KES 1.4 billion issuance in 2022, which attracted applications worth KES 8.5 billion.

 

The KRMC Sustainability Bond, according to KMRC’s CEO & Managing Director, Johnstone Oltetia, is a strategic landmark issue, being the first of its kind, and the investor response demonstrates a vote of confidence in the company's strategic direction.

“This listing affirms the role of capital markets in making homeownership more accessible, affordable, and sustainable. The investor response demonstrates confidence in KMRC’s mandate in of promoting affordable home ownership while deepening Kenya’s debt capital markets,” Oltetia says.

KMRC Board Chairman Dr. Haron Sirima says the listing demonstrates the power of capital-market instruments in financing development outcomes.

“This listing reflects growing confidence in KMRC’s mandate, governance, and long-term contribution to Kenya’s housing sector. It demonstrates that affordable housing can be supported through market-based instruments that deliver financial returns alongside measurable social and environmental impact,” Dr. Sirima says.

Hon. John Mbadi, Cabinet Secretary for the National Treasury and Economic Planning, underscored the national significance of the milestone.

“The successful issuance and listing of this KES 3 billion Sustainability Note is a national milestone. It signals a decisive shift in how we mobilize capital to finance development priorities, particularly housing. It also affirms that Kenya’s capital markets are deepening, diversifying, and maturing in line with our long-term economic aspirations,” Mbadi says.

NCBA Group Managing Director, speaking at the listing said, “The successful listing of KMRC’s Sustainability Bond reflects the strength of long-standing partnerships and the importance of execution expertise in delivering complex capital market transactions. As Lead Arranger, NCBA is proud to have supported KMRC in structuring and bringing this transaction to market, mobilizing long-term funding for Kenya’s affordable housing sector. This builds on our continued collaboration with KMRC across multiple structured finance transactions. Our integrated Corporate and Investment Banking and Investment Bank teams bring strong technical expertise and market insight, reinforcing our role as a trusted advisor in delivering impactful, sustainable financing solutions.”

Proceeds from the Sustainability Bond will be blended with KMRC’s existing concessional funds and deployed towards refinancing Eligible green affordable home loans, supporting climate-resilient and environmentally sustainable housing; and Eligible social home loans, promoting inclusive access to homeownership for borrowers including women and low-income households.

The Kenya Mortgage Refinance Company (KMRC) is a public limited company established under the Companies Act, 2015 and licensed by the Central Bank of Kenya (CBK) as a financial institution under the Central Bank Act, and the Capital Markets Authority (CMA) as an issuer of securities to the public. Its shareholders include the National Treasury (25.3%), Development Finance Institutions (22.9%), commercial banks (44.4%), and SACCOs (7.5%). KMRC's mandate is to sustainably promote homeownership through refinancing. As a wholesale financial institution KMRC provides, through primary mortgage lenders (banks and SACCOs), single-digit, fixed-rate home loans with repayment periods of up to 25 years.

 

 

 

 

 

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