Kenya Treasury bonds · auction of 16 March 2026
Kenya bond auction, 16 March 2026: FXD1/2019/020 at 12.748%
The Central Bank of Kenya's bond auction dated 16 March 2026 was a re-opening of FXD1/2019/020 and FXD1/2021/025.
Bids came to KES 117.4bn against KES 60.0bn on offer (196% subscribed), and the Treasury accepted KES 61.0bn.
FXD1/2019/020 cleared at 12.748%, against a 12.873% coupon, with 13.0 years to maturity. Its previous sale, on 12 January 2026, priced at 13.262%, so the yield is down 51 basis points.
FXD1/2021/025 cleared at 12.949%, against a 13.924% coupon, with 20.1 years to maturity. Its previous sale, on 8 December 2025, priced at 13.620%, so the yield is down 67 basis points.
What this means for KES 100,000 of FXD1/2019/020
Worked from the published result · information, not advice
KES 5,793 every six months, after tax, for 13.0 years
At this auction KES 100,000 of face value cost about KES 106,462 (price 106.462 per 100), and the yield that implies is 12.75% a year. The coupon is 12.87%: KES 12,873 a year on KES 100,000 of face value, paid in two halves, KES 11,586 after 10% withholding tax.
Held to maturity (2039-03-21), that is about KES 150,765 in coupons, plus KES -6,462 loss between what you paid and the KES 100,000 repaid; roughly KES 144,303 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 | 12.748% | 12.873% | 13.0 | KES 50.50bn | KES 44.85bn | 106.462 |
| FXD1/2021/025 | reopening | 12.949% | 13.924% | 20.1 | KES 66.94bn | KES 16.14bn | 111.973 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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