Kenya Treasury bonds · auction of 6 April 2026
Kenya bond auction, 6 April 2026: FXD1/2020/015 at 12.185%
The Central Bank of Kenya's bond auction dated 6 April 2026 was a re-opening of FXD1/2018/025 and FXD1/2020/015.
Bids came to KES 74.9bn against KES 40.0bn on offer (187% subscribed), and the Treasury accepted KES 50.2bn.
FXD1/2018/025 cleared at 12.987%, against a 13.400% coupon, with 17.1 years to maturity. Its previous sale, on 16 February 2026, priced at 13.362%, so the yield is down 37 basis points.
FXD1/2020/015 cleared at 12.185%, against a 12.756% coupon, with 8.8 years to maturity. Its previous sale, on 23 June 2025, priced at 13.487%, so the yield is down 130 basis points.
What this means for KES 100,000 of FXD1/2020/015
Worked from the published result · information, not advice
KES 5,421 every six months, after tax, for 8.8 years
At this auction KES 100,000 of face value cost about KES 104,722 (price 104.722 per 100), and the yield that implies is 12.19% a year. The coupon is 12.76%: KES 12,756 a year on KES 100,000 of face value, paid in two halves, KES 10,843 after 15% withholding tax.
Held to maturity (2035-02-05), that is about KES 95,795 in coupons, plus KES -4,722 loss between what you paid and the KES 100,000 repaid; roughly KES 91,073 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 | 12.987% | 13.400% | 17.1 | KES 33.47bn | KES 13.70bn | 106.886 |
| FXD1/2020/015 | reopening | 12.185% | 12.756% | 8.8 | KES 41.42bn | KES 36.49bn | 104.722 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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