Kenya Treasury bonds · auction of 19 November 2025
Kenya bond auction, 19 November 2025: FXD1/2023/003 at 7.802%
The Central Bank of Kenya's bond auction dated 19 November 2025 was a buyback of FXD1/2023/003.
Bids came to KES 34.3bn against KES 30.0bn on offer (114% subscribed), and the Treasury accepted KES 20.1bn.
FXD1/2023/003 cleared at 7.802%, against a 14.228% coupon, with 0.5 years to maturity. Its previous sale, on 26 June 2023, priced at 14.228%, so the yield is down 643 basis points.
What this means for KES 100,000 of FXD1/2023/003
Worked from the published result · information, not advice
KES 6,047 every six months, after tax, for 0.5 years
At this auction KES 100,000 of face value cost about KES 103,288 (price 103.288 per 100), and the yield that implies is 7.80% a year. The coupon is 14.23%: KES 14,228 a year on KES 100,000 of face value, paid in two halves, KES 12,094 after 15% withholding tax.
Held to maturity (2026-05-11), that is about KES 5,728 in coupons, plus KES -3,288 loss between what you paid and the KES 100,000 repaid; roughly KES 2,441 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2023/003 | buyback | 7.802% | 14.228% | 0.5 | KES 34.30bn | KES 20.08bn | 103.288 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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