Kenya Treasury bonds · auction of 5 May 2025
Kenya bond auction, 5 May 2025: FXD1/2022/015 at 13.913%
The Central Bank of Kenya's bond auction dated 5 May 2025 was a re-opening of FXD1/2022/015 and FXD1/2022/025.
Bids came to KES 57.1bn against KES 50.0bn on offer (114% subscribed), and the Treasury accepted KES 50.4bn.
FXD1/2022/015 cleared at 13.913%, against a 13.942% coupon, with 12.1 years to maturity. Its previous sale, on 7 April 2025, priced at 13.828%, so the yield is up 9 basis points.
FXD1/2022/025 cleared at 14.538%, against a 14.188% coupon, with 25.0 years to maturity. Its previous sale, on 7 April 2025, priced at 14.234%, so the yield is up 30 basis points.
What this means for KES 100,000 of FXD1/2022/015
Worked from the published result · information, not advice
KES 6,274 every six months, after tax, for 12.1 years
At this auction KES 100,000 of face value cost about KES 100,688 (price 100.688 per 100), and the yield that implies is 13.91% a year. The coupon is 13.94%: KES 13,942 a year on KES 100,000 of face value, paid in two halves, KES 12,548 after 10% withholding tax.
Held to maturity (2037-06-04), that is about KES 151,604 in coupons, plus KES -688 loss between what you paid and the KES 100,000 repaid; roughly KES 150,917 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2022/015 | reopening | 13.913% | 13.942% | 12.1 | KES 26.41bn | KES 25.28bn | 100.688 |
| FXD1/2022/025 | reopening | 14.538% | 14.188% | 25.0 | KES 30.68bn | KES 25.10bn | 98.221 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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