The Central Bank of Kenya (CBK) has reopened two sovereign Treasury bonds, aiming to raise a total of KSh50 billion for the government’s budgetary needs.
The first issue, identified as FXD1/2019/015, carries a fixed coupon of 12.857 per cent and will mature on January 9, 2034, leaving 7.3 years to maturity; the second, SDB1/2011/030, is scheduled to mature on January 21, 2041 with a remaining term of 14.3 years and a coupon rate reported as either 12.5 per cent or 12.0 per cent, and both securities are subject to a final withholding tax of 10 per cent on interest.
Applications are accepted from November 10 through November 18, 2026, with a cut-off time of 10 a.m. on the final day; the auction is set for November 23, while settlement dates are given as November 25 in one prospectus and November 23 in another source.
Investors must hold an active DhowCSD account; non-competitive bids may range from a minimum of KSh50,000 to a maximum of KSh50 million, whereas competitive bids require at least KSh2 million per Central Securities Depository (CSD) account.
The auction will follow a multi-price bidding format, and CBK retains the discretion to allocate paper in full, on a pro-rata basis, or to reject any application wholly or partially without providing a reason.
Successful participants will obtain their payment keys and payable amounts via the Transactions tab on the DhowCSD Investor Portal or mobile app on November 20, 2026.
The reopened bonds will begin secondary-market trading on the Nairobi Securities Exchange on November 23, 2026, with trades conducted in tranches of KSh50,000.
Prospective bidders must register for a DhowCSD account online within seven days, supplying a valid email, an active Kenyan mobile number, a KRA PIN, settlement bank details, a recent passport-size photograph and an identification document such as a national ID, passport or alien card; incomplete registrations are removed after the deadline and approved users receive usernames by email.
Both issues satisfy the statutory liquidity ratio requirements for banks and non-bank financial institutions, may be rediscounted by institutions at a penalty of 3 per cent above the prevailing market yield or the nominal coupon, and can be pledged as collateral provided the pledge is withdrawn at least five days before maturity.
Pricing calculations apply withholding tax to clean prices only; FXD1/2019/015 accrues KSh4.4505 interest per KSh100, giving a dirty price of KSh104.4077 against a clean price of KSh99.9572 at a 12.857 per cent yield (alternative dirty price KSh104.3251 on a clean price of KSh99.8746), while SDB1/2011/030 accrues KSh3.4615 per KSh100, resulting in a dirty price of KSh103.4188 on a clean price of KSh99.9573 at a 12.0 per cent yield.
