Kenya Treasury bonds · auction of 12 May 2025
Kenya bond auction, 12 May 2025: FXD1/2012/020 at 13.649%
The Central Bank of Kenya's bond auction dated 12 May 2025 was a re-opening of FXD1/2012/020.
Bids came to KES 54.4bn against KES 30.0bn on offer (181% subscribed), and the Treasury accepted KES 43.5bn.
FXD1/2012/020 cleared at 13.649%, against a 12.000% coupon, with 7.5 years to maturity. Its previous sale, on 5 July 2021, priced at 12.498%, so the yield is up 115 basis points.
What this means for KES 100,000 of FXD1/2012/020
Worked from the published result · information, not advice
KES 5,100 every six months, after tax, for 7.5 years
At this auction KES 100,000 of face value cost about KES 92,407 (price 92.407 per 100), and the yield that implies is 13.65% a year. The coupon is 12.00%: KES 12,000 a year on KES 100,000 of face value, paid in two halves, KES 10,200 after 15% withholding tax.
Held to maturity (2032-11-01), that is about KES 76,238 in coupons, plus KES 7,593 gain between what you paid and the KES 100,000 repaid; roughly KES 83,831 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2012/020 | reopening | 13.649% | 12.000% | 7.5 | KES 54.39bn | KES 43.52bn | 92.407 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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