Kenya Treasury bonds · auction of 11 May 2026
Kenya bond auction, 11 May 2026: FXD1/2012/020 at 12.457%
The Central Bank of Kenya's bond auction dated 11 May 2026 was a re-opening of FXD1/2012/020, FXD1/2019/020 and FXD1/2021/025.
Bids came to KES 106.0bn against KES 80.0bn on offer (133% subscribed), and the Treasury accepted KES 94.0bn.
FXD1/2012/020 cleared at 12.457%, against a 12.000% coupon, with 6.5 years to maturity. Its previous sale, on 10 November 2025, priced at 12.471%, so the yield is down 1 basis point.
FXD1/2019/020 cleared at 13.213%, against a 12.873% coupon, with 12.9 years to maturity. Its previous sale, on 16 March 2026, priced at 12.748%, so the yield is up 47 basis points.
FXD1/2021/025 cleared at 13.695%, against a 13.924% coupon, with 19.9 years to maturity. Its previous sale, on 16 March 2026, priced at 12.949%, so the yield is up 75 basis points.
What this means for KES 100,000 of FXD1/2012/020
Worked from the published result · information, not advice
KES 5,100 every six months, after tax, for 6.5 years
At this auction KES 100,000 of face value cost about KES 98,003 (price 98.003 per 100), and the yield that implies is 12.46% a year. The coupon is 12.00%: KES 12,000 a year on KES 100,000 of face value, paid in two halves, KES 10,200 after 15% withholding tax.
Held to maturity (2032-11-01), that is about KES 66,073 in coupons, plus KES 1,997 gain between what you paid and the KES 100,000 repaid; roughly KES 68,071 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2012/020 | reopening | 12.457% | 12.000% | 6.5 | KES 47.95bn | KES 47.53bn | 98.003 |
| FXD1/2019/020 | reopening | 13.213% | 12.873% | 12.9 | KES 17.57bn | KES 14.54bn | 99.129 |
| FXD1/2021/025 | reopening | 13.695% | 13.924% | 19.9 | KES 40.50bn | KES 31.97bn | 101.814 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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