Kenya Treasury bonds · auction of 14 July 2025
Kenya bond auction, 14 July 2025: FXD1/2018/025 at 14.348%
The Central Bank of Kenya's bond auction dated 14 July 2025 was a re-opening of FXD1/2018/020 and FXD1/2018/025.
Bids came to KES 76.9bn against KES 50.0bn on offer (154% subscribed), and the Treasury accepted KES 66.7bn.
FXD1/2018/020 cleared at 13.899%, against a 13.200% coupon, with 12.6 years to maturity. Its previous sale, on 9 December 2024, priced at 15.112%, so the yield is down 121 basis points.
FXD1/2018/025 cleared at 14.348%, against a 13.400% coupon, with 17.9 years to maturity. Its previous sale, on 10 March 2025, priced at 13.803%, so the yield is up 54 basis points.
What this means for KES 100,000 of FXD1/2018/025
Worked from the published result · information, not advice
KES 6,030 every six months, after tax, for 17.9 years
At this auction KES 100,000 of face value cost about KES 94,948 (price 94.948 per 100), and the yield that implies is 14.35% a year. The coupon is 13.40%: KES 13,400 a year on KES 100,000 of face value, paid in two halves, KES 12,060 after 10% withholding tax.
Held to maturity (2043-05-25), that is about KES 215,413 in coupons, plus KES 5,052 gain between what you paid and the KES 100,000 repaid; roughly KES 220,465 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2018/020 | reopening | 13.899% | 13.200% | 12.6 | KES 33.08bn | KES 30.57bn | 100.153 |
| FXD1/2018/025 | reopening | 14.348% | 13.400% | 17.9 | KES 43.83bn | KES 36.08bn | 94.948 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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