Kenya Treasury bonds · auction of 16 February 2026
Kenya bond auction, 16 February 2026: FXD3/2019/015 at 12.184%
The Central Bank of Kenya's bond auction dated 16 February 2026 was a re-opening of FXD1/2018/025 and FXD3/2019/015.
Bids came to KES 213.7bn against KES 50.0bn on offer (427% subscribed), and the Treasury accepted KES 100.5bn.
FXD1/2018/025 cleared at 13.362%, against a 13.400% coupon, with 17.3 years to maturity. Its previous sale, on 14 July 2025, priced at 14.348%, so the yield is down 99 basis points.
FXD3/2019/015 cleared at 12.184%, against a 12.340% coupon, with 8.4 years to maturity. Its previous sale, on 24 November 2025, priced at 12.574%, so the yield is down 39 basis points.
What this means for KES 100,000 of FXD3/2019/015
Worked from the published result · information, not advice
KES 5,245 every six months, after tax, for 8.4 years
At this auction KES 100,000 of face value cost about KES 101,736 (price 101.736 per 100), and the yield that implies is 12.18% a year. The coupon is 12.34%: KES 12,340 a year on KES 100,000 of face value, paid in two halves, KES 10,489 after 15% withholding tax.
Held to maturity (2034-07-10), that is about KES 88,047 in coupons, plus KES -1,736 loss between what you paid and the KES 100,000 repaid; roughly KES 86,311 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2018/025 | reopening | 13.362% | 13.400% | 17.3 | KES 79.94bn | KES 45.75bn | 102.524 |
| FXD3/2019/015 | reopening | 12.184% | 12.340% | 8.4 | KES 133.79bn | KES 54.79bn | 101.736 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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