Kenya Treasury bonds · auction of 10 November 2025
Kenya bond auction, 10 November 2025: FXD1/2022/015 at 13.339%
The Central Bank of Kenya's bond auction dated 10 November 2025 was a re-opening of FXD1/2012/020 and FXD1/2022/015.
Bids came to KES 92.9bn against KES 40.0bn on offer (232% subscribed), and the Treasury accepted KES 52.8bn.
FXD1/2012/020 cleared at 12.471%, against a 12.000% coupon, with 7.0 years to maturity. Its previous sale, on 12 May 2025, priced at 13.649%, so the yield is down 118 basis points.
FXD1/2022/015 cleared at 13.339%, against a 13.942% coupon, with 11.4 years to maturity. Its previous sale, on 5 May 2025, priced at 13.913%, so the yield is down 57 basis points.
What this means for KES 100,000 of FXD1/2022/015
Worked from the published result · information, not advice
KES 6,274 every six months, after tax, for 11.4 years
At this auction KES 100,000 of face value cost about KES 104,273 (price 104.273 per 100), and the yield that implies is 13.34% a year. The coupon is 13.94%: KES 13,942 a year on KES 100,000 of face value, paid in two halves, KES 12,548 after 10% withholding tax.
Held to maturity (2037-04-06), that is about KES 143,084 in coupons, plus KES -4,273 loss between what you paid and the KES 100,000 repaid; roughly KES 138,812 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 | 12.471% | 12.000% | 7.0 | KES 35.32bn | KES 19.48bn | 97.844 |
| FXD1/2022/015 | reopening | 13.339% | 13.942% | 11.4 | KES 57.58bn | KES 33.35bn | 104.273 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
Free, every weekday at 7:00
The Afronomics Morning
Every Monday: the week's auctions, currencies and the stories that moved African markets. Free.