Kenya Treasury bonds · auction of 22 April 2024
Kenya bond auction, 22 April 2024: FXD1/2023/002 at 16.992%
The Central Bank of Kenya's bond auction dated 22 April 2024 was a re-opening of FXD1/2023/002.
Bids came to KES 47.2bn against KES 40.0bn on offer (118% subscribed), and the Treasury accepted KES 34.8bn.
FXD1/2023/002 cleared at 16.992%, against a 16.972% coupon, with 1.3 years to maturity. Its previous sale, on 16 October 2023, priced at 17.736%, so the yield is down 74 basis points.
What this means for KES 100,000 of FXD1/2023/002
Worked from the published result · information, not advice
KES 7,213 every six months, after tax, for 1.3 years
At this auction KES 100,000 of face value cost about KES 102,837 (price 102.837 per 100), and the yield that implies is 16.99% a year. The coupon is 16.97%: KES 16,972 a year on KES 100,000 of face value, paid in two halves, KES 14,426 after 15% withholding tax.
Held to maturity (2025-08-18), that is about KES 19,077 in coupons, plus KES -2,837 loss between what you paid and the KES 100,000 repaid; roughly KES 16,240 in all after tax.
Sold before maturity, the price moves with rates: if yields rise, the bond is worth less; if they fall, more. The Central Bank’s minimum bid is KES 50,000. Compare with bills, funds and deposits after tax →
Results
By bond
| Bond | Sale | Yield | Coupon | Years left | Bids | Accepted | Price /100 |
|---|---|---|---|---|---|---|---|
| FXD1/2023/002 | reopening | 16.992% | 16.972% | 1.3 | KES 47.19bn | KES 34.76bn | 102.837 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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