Kenya Treasury bonds · auction of 25 May 2026
Kenya bond auction, 25 May 2026: FXD1/2021/020 at 13.742%
The Central Bank of Kenya's bond auction dated 25 May 2026 was a re-opening of FXD1/2021/020 and FXD3/2019/015.
Bids came to KES 47.2bn against KES 50.0bn on offer (94% subscribed), and the Treasury accepted KES 36.6bn.
FXD1/2021/020 cleared at 13.742%, 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 up 21 basis points.
FXD3/2019/015 cleared at 12.971%, against a 12.340% coupon, with 8.1 years to maturity. Its previous sale, on 16 February 2026, priced at 12.184%, so the yield is up 79 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 101,942 (price 101.942 per 100), and the yield that implies is 13.74% 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 183,424 in coupons, plus KES -1,941 loss between what you paid and the KES 100,000 repaid; roughly KES 181,482 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 | reopening | 13.742% | 13.444% | 15.2 | KES 26.52bn | KES 22.17bn | 101.942 |
| FXD3/2019/015 | reopening | 12.971% | 12.340% | 8.1 | KES 20.64bn | KES 14.43bn | 101.112 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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