Kenya Treasury bonds · auction of 24 November 2025
Kenya bond auction, 24 November 2025: FXD1/2022/025 at 13.746%
The Central Bank of Kenya's bond auction dated 24 November 2025 was a re-opening of FXD1/2022/025 and FXD3/2019/015.
Bids came to KES 115.9bn against KES 40.0bn on offer (290% subscribed), and the Treasury accepted KES 54.8bn.
FXD1/2022/025 cleared at 13.746%, against a 14.188% coupon, with 21.8 years to maturity. Its previous sale, on 22 September 2025, priced at 14.142%, so the yield is down 40 basis points.
FXD3/2019/015 cleared at 12.574%, against a 12.340% coupon, with 8.6 years to maturity. Its previous sale, on 11 October 2021, priced at 12.845%, so the yield is down 27 basis points.
What this means for KES 100,000 of FXD1/2022/025
Worked from the published result · information, not advice
KES 6,385 every six months, after tax, for 21.8 years
At this auction KES 100,000 of face value cost about KES 104,369 (price 104.368 per 100), and the yield that implies is 13.75% a year. The coupon is 14.19%: KES 14,188 a year on KES 100,000 of face value, paid in two halves, KES 12,769 after 10% withholding tax.
Held to maturity (2047-09-23), that is about KES 278,737 in coupons, plus KES -4,368 loss between what you paid and the KES 100,000 repaid; roughly KES 274,369 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2022/025 | reopening | 13.746% | 14.188% | 21.8 | KES 82.14bn | KES 34.57bn | 104.368 |
| FXD3/2019/015 | reopening | 12.574% | 12.340% | 8.6 | KES 33.71bn | KES 20.19bn | 103.020 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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