# EABL's Medium-Term Note

An episode of [The Mwango Capital Podcast](https://invisiblenetwork.ai/podcast/1583367792), 6 Nov 2025, 52 min.

Audio: https://api.substack.com/feed/podcast/178174678/0ed9bba71fe1f9ae9f6eebfda4214060.mp3

In this episode recorded on November 04, 2025, we are joined by EABL’s CFO, Risper Ohaga, and Absa Bank’s Director of Capital Markets, Robert Murai, as we unpack EABL’s KES 20B Medium-Term Note, why the brewer is back in the debt market, and what it means for its funding plans and investors. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:00:54 Working Capital Management 00:02:13 Debt vs Equity in Financing a Business 00:05:11 Financial Performance 00:07:18 Redeeming and Issuing Debt, Investor Participation, and Key Dates 00:21:36 Corporate Bond Market in Kenya 00:25:56 MTN Structure, Secondary Trading, Investor Sentiment, and Market Liquidity 00:29:06 Debt Levels and Balance Sheet Management 00:32:31 Corporate vs. Government Bonds 00:34:31 CapEx and Working Capital 00:38:19 Interest Rates, Tax Implications, Cash Flow and Debt Repayment 00:41:09 Closing Remarks and Final Thoughts Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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