Kenya Treasury bonds · auction of 23 June 2025
Kenya bond auction, 23 June 2025: FXD1/2020/015 at 13.487%
The Central Bank of Kenya's bond auction dated 23 June 2025 was a re-opening of FXD1/2020/015 and SDB1/2011/030.
Bids came to KES 101.4bn against KES 50.0bn on offer (203% subscribed), and the Treasury accepted KES 71.6bn.
FXD1/2020/015 cleared at 13.487%, against a 12.756% coupon, with 9.6 years to maturity. Its previous sale, on 14 April 2025, priced at 13.665%, so the yield is down 18 basis points.
SDB1/2011/030 cleared at 13.998%, against a 12.000% coupon, with 15.6 years to maturity. Its previous sale, on 29 August 2011, priced at 16.397%, so the yield is down 240 basis points.
What this means for KES 100,000 of FXD1/2020/015
Worked from the published result · information, not advice
KES 5,421 every six months, after tax, for 9.6 years
At this auction KES 100,000 of face value cost about KES 100,491 (price 100.490 per 100), and the yield that implies is 13.49% a year. The coupon is 12.76%: KES 12,756 a year on KES 100,000 of face value, paid in two halves, KES 10,843 after 15% withholding tax.
Held to maturity (2035-02-05), that is about KES 104,315 in coupons, plus KES -490 loss between what you paid and the KES 100,000 repaid; roughly KES 103,824 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 | 13.487% | 12.756% | 9.6 | KES 84.73bn | KES 57.87bn | 100.490 |
| SDB1/2011/030 | reopening | 13.998% | 12.000% | 15.6 | KES 16.62bn | KES 13.77bn | 91.793 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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