Kenya Treasury bonds · auction of 27 July 2026
Kenya bond auction, 27 July 2026: FXD1/2022/025 at 14.443%
The Central Bank of Kenya's bond auction dated 27 July 2026 was a re-opening of FXD1/2019/020 and FXD1/2022/025.
Bids came to KES 85.9bn against KES 40.0bn on offer (215% subscribed), and the Treasury accepted KES 63.3bn.
FXD1/2019/020 cleared at 13.923%, against a 12.873% coupon, with 12.6 years to maturity. Its previous sale, on 11 May 2026, priced at 13.213%, so the yield is up 71 basis points.
FXD1/2022/025 cleared at 14.443%, against a 14.188% coupon, with 21.2 years to maturity. Its previous sale, on 12 January 2026, priced at 13.756%, so the yield is up 69 basis points.
What this means for KES 100,000 of FXD1/2022/025
Worked from the published result · information, not advice
KES 6,385 every six months, after tax, for 21.2 years
At this auction KES 100,000 of face value cost about KES 102,083 (price 102.083 per 100), and the yield that implies is 14.44% a year. The coupon is 14.19%: KES 14,188 a year on KES 100,000 of face value, paid in two halves, KES 12,769 after 10% withholding tax.
Held to maturity (2047-09-23), that is about KES 270,172 in coupons, plus KES -2,083 loss between what you paid and the KES 100,000 repaid; roughly KES 268,089 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 |
|---|---|---|---|---|---|---|---|
| FXD1/2019/020 | reopening | 13.923% | 12.873% | 12.6 | KES 23.97bn | KES 12.25bn | 97.732 |
| FXD1/2022/025 | reopening | 14.443% | 14.188% | 21.2 | KES 61.96bn | KES 51.03bn | 102.083 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
Free, every weekday at 7:00
The Afronomics Morning
Every Monday: the week's auctions, currencies and the stories that moved African markets. Free.