Kenya Treasury bonds · auction of 20 May 2026
Kenya bond auction, 20 May 2026: FXD1/2021/020 at 13.412%
The Central Bank of Kenya's bond auction dated 20 May 2026 was a switch auction of FXD1/2021/020.
Bids came to KES 7.6bn against KES 10.0bn on offer (76% subscribed), and the Treasury accepted KES 4.5bn.
FXD1/2021/020 cleared at 13.412%, against a 13.444% coupon, with 15.2 years to maturity. Its previous sale, on 20 October 2025, priced at 13.528%, so the yield is down 12 basis points.
What this means for KES 100,000 of FXD1/2021/020
Worked from the published result · information, not advice
KES 6,050 every six months, after tax, for 15.2 years
At this auction KES 100,000 of face value cost about KES 103,848 (price 103.847 per 100), and the yield that implies is 13.41% a year. The coupon is 13.44%: KES 13,444 a year on KES 100,000 of face value, paid in two halves, KES 12,100 after 10% withholding tax.
Held to maturity (2041-07-22), that is about KES 183,589 in coupons, plus KES -3,847 loss between what you paid and the KES 100,000 repaid; roughly KES 179,742 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2021/020 | switch | 13.412% | 13.444% | 15.2 | KES 7.61bn | KES 4.53bn | 103.847 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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