Kenya Treasury bonds · auction of 18 August 2025
Kenya bond auction, 18 August 2025: IFB1/2018/015 at 12.993%
The Central Bank of Kenya's bond auction dated 18 August 2025 was a re-opening of IFB1/2018/015 and IFB1/2022/019.
Bids came to KES 323.4bn against KES 90.0bn on offer (359% subscribed), and the Treasury accepted KES 95.0bn.
IFB1/2018/015 cleared at 12.993%, against a 12.500% coupon, with 7.4 years to maturity. Its previous sale, on 5 February 2018, priced at 12.505%, so the yield is up 49 basis points.
IFB1/2022/019 cleared at 13.999%, against a 12.965% coupon, with 15.4 years to maturity. Its previous sale, on 21 February 2022, priced at 12.965%, so the yield is up 103 basis points.
What this means for KES 100,000 of IFB1/2018/015
Worked from the published result · information, not advice
KES 6,250 every six months, tax-free, for 7.4 years
At this auction KES 100,000 of face value cost about KES 99,153 (price 99.153 per 100), and the yield that implies is 12.99% a year. The coupon is 12.50%: KES 12,500 a year on KES 100,000 of face value, paid in two halves, with no withholding tax on an infrastructure bond.
Held to maturity (2033-01-10), that is about KES 92,471 in coupons, plus KES 847 gain between what you paid and the KES 100,000 repaid; roughly KES 93,318 in all.
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 |
|---|---|---|---|---|---|---|---|
| IFB1/2018/015 | reopening | 12.993% | 12.500% | 7.4 | KES 215.94bn | KES 50.66bn | 99.153 |
| IFB1/2022/019 | reopening | 13.999% | 12.965% | 15.4 | KES 107.49bn | KES 44.36bn | 94.599 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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