Kenya Treasury bonds · auction of 12 January 2026
Kenya bond auction, 12 January 2026: FXD1/2022/025 at 13.756%
The Central Bank of Kenya's bond auction dated 12 January 2026 was a re-opening of FXD1/2019/020 and FXD1/2022/025.
Bids came to KES 71.5bn against KES 60.0bn on offer (119% subscribed), and the Treasury accepted KES 60.6bn.
FXD1/2019/020 cleared at 13.262%, against a 12.873% coupon, with 13.2 years to maturity. Its previous sale, on 15 November 2021, priced at 13.408%, so the yield is down 15 basis points.
FXD1/2022/025 cleared at 13.756%, against a 14.188% coupon, with 21.7 years to maturity. Its previous sale, on 24 November 2025, priced at 13.746%, so the yield is up 1 basis point.
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 21.7 years
At this auction KES 100,000 of face value cost about KES 106,182 (price 106.182 per 100), and the yield that implies is 13.76% 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 277,024 in coupons, plus KES -6,182 loss between what you paid and the KES 100,000 repaid; roughly KES 270,843 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2019/020 | reopening | 13.262% | 12.873% | 13.2 | KES 23.36bn | KES 20.24bn | 101.016 |
| FXD1/2022/025 | reopening | 13.756% | 14.188% | 21.7 | KES 48.18bn | KES 40.34bn | 106.182 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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