Kenya Treasury bonds · auction of 7 April 2025
Kenya bond auction, 7 April 2025: FXD1/2022/025 at 14.234%
The Central Bank of Kenya's bond auction dated 7 April 2025 was a re-opening of FXD1/2020/015, FXD1/2022/015 and FXD1/2022/025.
Bids came to KES 50.8bn against KES 70.0bn on offer (73% subscribed), and the Treasury accepted KES 71.4bn.
FXD1/2020/015 cleared at 13.665%, against a 12.756% coupon, with 9.8 years to maturity. Its previous sale, on 10 October 2022, priced at 13.970%, so the yield is down 30 basis points.
FXD1/2022/015 cleared at 13.828%, against a 13.942% coupon, with 12.0 years to maturity. Its previous sale, on 11 November 2024, priced at 16.299%, so the yield is down 247 basis points.
FXD1/2022/025 cleared at 14.234%, against a 14.188% coupon, with 22.5 years to maturity. Its previous sale, on 20 January 2025, priced at 15.683%, so the yield is down 145 basis points.
What this means for KES 100,000 of FXD1/2022/025
Worked from the published result · information, not advice
KES 6,385 every six months, after tax, for 22.5 years
At this auction KES 100,000 of face value cost about KES 106,221 (price 106.221 per 100), and the yield that implies is 14.23% a year. The coupon is 14.19%: KES 14,188 a year on KES 100,000 of face value, paid in two halves, KES 12,769 after 10% withholding tax.
Held to maturity (2047-09-23), that is about KES 286,813 in coupons, plus KES -6,221 loss between what you paid and the KES 100,000 repaid; roughly KES 280,592 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2020/015 | reopening | 13.665% | 12.756% | 9.8 | — | KES 20.88bn | 96.828 |
| FXD1/2022/015 | reopening | 13.828% | 13.942% | 12.0 | KES 18.15bn | KES 17.98bn | 107.081 |
| FXD1/2022/025 | reopening | 14.234% | 14.188% | 22.5 | KES 32.68bn | KES 32.54bn | 106.221 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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