Kenya Treasury bonds · auction of 18 March 2026
Kenya bond auction, 18 March 2026: FXD3/2019/015 at 11.589%
The Central Bank of Kenya's bond auction dated 18 March 2026 was a switch auction of FXD3/2019/015.
Bids came to KES 22.2bn against KES 15.0bn on offer (148% subscribed), and the Treasury accepted KES 18.4bn.
FXD3/2019/015 cleared at 11.589%, against a 12.340% coupon, with 8.3 years to maturity. Its previous sale, on 16 February 2026, priced at 12.184%, so the yield is down 59 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 8.3 years
At this auction KES 100,000 of face value cost about KES 105,878 (price 105.878 per 100), and the yield that implies is 11.59% 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 87,186 in coupons, plus KES -5,878 loss between what you paid and the KES 100,000 repaid; roughly KES 81,307 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 |
|---|---|---|---|---|---|---|---|
| FXD3/2019/015 | switch | 11.589% | 12.340% | 8.3 | KES 22.21bn | KES 18.40bn | 105.878 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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