Kenya Treasury bonds · auction of 20 October 2025
Kenya bond auction, 20 October 2025: FXD1/2021/020 at 13.528%
The Central Bank of Kenya's bond auction dated 20 October 2025 was a re-opening of FXD1/2018/015 and FXD1/2021/020.
Bids came to KES 118.9bn against KES 50.0bn on offer (238% subscribed), and the Treasury accepted KES 85.3bn.
FXD1/2018/015 cleared at 12.652%, against a 12.650% coupon, with 7.6 years to maturity. Its previous sale, on 20 January 2025, priced at 14.210%, so the yield is down 156 basis points.
FXD1/2021/020 cleared at 13.528%, against a 13.444% coupon, with 15.8 years to maturity. Its previous sale, on 22 August 2022, priced at 13.963%, so the yield is down 43 basis points.
What this means for KES 100,000 of FXD1/2021/020
Worked from the published result · information, not advice
KES 6,050 every six months, after tax, for 15.8 years
At this auction KES 100,000 of face value cost about KES 101,988 (price 101.988 per 100), and the yield that implies is 13.53% a year. The coupon is 13.44%: KES 13,444 a year on KES 100,000 of face value, paid in two halves, KES 12,100 after 10% withholding tax.
Held to maturity (2041-07-22), that is about KES 190,612 in coupons, plus KES -1,988 loss between what you paid and the KES 100,000 repaid; roughly KES 188,624 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2018/015 | reopening | 12.652% | 12.650% | 7.6 | KES 44.99bn | KES 31.57bn | 105.318 |
| FXD1/2021/020 | reopening | 13.528% | 13.444% | 15.8 | KES 73.90bn | KES 53.70bn | 101.988 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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