Kenya Treasury bonds · auction of 8 December 2025
Kenya bond auction, 8 December 2025: FXD1/2021/025 at 13.620%
The Central Bank of Kenya's bond auction dated 8 December 2025 was a re-opening of FXD1/2021/025 and SDB1/2011/030.
Bids came to KES 53.1bn against KES 40.0bn on offer (133% subscribed), and the Treasury accepted KES 47.1bn.
FXD1/2021/025 cleared at 13.620%, against a 13.924% coupon, with 20.3 years to maturity. Its previous sale, on 23 May 2022, priced at 13.976%, so the yield is down 36 basis points.
SDB1/2011/030 cleared at 13.325%, against a 12.000% coupon, with 15.1 years to maturity. Its previous sale, on 8 September 2025, priced at 13.964%, so the yield is down 64 basis points.
What this means for KES 100,000 of FXD1/2021/025
Worked from the published result · information, not advice
KES 6,266 every six months, after tax, for 20.3 years
At this auction KES 100,000 of face value cost about KES 103,384 (price 103.384 per 100), and the yield that implies is 13.62% a year. The coupon is 13.92%: KES 13,924 a year on KES 100,000 of face value, paid in two halves, KES 12,532 after 10% withholding tax.
Held to maturity (2046-04-09), that is about KES 254,818 in coupons, plus KES -3,384 loss between what you paid and the KES 100,000 repaid; roughly KES 251,433 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2021/025 | reopening | 13.620% | 13.924% | 20.3 | KES 48.54bn | KES 43.21bn | 103.384 |
| SDB1/2011/030 | reopening | 13.325% | 12.000% | 15.1 | KES 4.59bn | KES 3.90bn | 95.342 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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