Kenya has sent a request for proposals for a bond and loan, according to sources.
The sovereign wants to consider both options, according to one source, who said that the eventual mandate may be a combination of the two products or one only.
Kenya undertook a non-deal roadshow in April through Barclays, Citigroup and Standard Chartered.
The sovereign made its debut in the international bond market in 2014, when it raised US$1.5bn through a 10-year bond, which was subsequently tapped for US$500m, and US$500m through a five-year note which was later raised by US$250m.
The deal hit controversy in December 2015 after the opposition party questioned where some of the proceeds had gone.
The Treasury minister rejected the claims and detailed how the money had been channelled to other ministries.