The Central Bank of Kenya is inviting bids for KSh50 billion of reopened 15- and 30-year Treasury bonds, with the auction on November 18, 2026. The proceeds will fund budgetary support. The bonds carry fixed coupons of 12.857 percent and 12.5 percent, and bids must be submitted by 10am on the auction date.
The Central Bank of Kenya, acting as fiscal agent for the Republic, has issued a prospectus for two reopened Treasury bonds. The offer covers FXD1/2019/015, a 15-year bond maturing January 9, 2034, and SDB1/2011/030, a 30-year bond maturing January 21, 2041. The stated purpose of the issue is budgetary support.
The 15-year bond carries a coupon of 12.857 percent, while the 30-year bond pays 12.5 percent. Both are subject to 10 percent withholding tax. The bank will accept bids through its DhowCSD investor platform during a sales period running from November 10 to November 18, 2026.
The auction will be a multi-price bid auction, meaning successful bidders pay the yield they bid. Non-competitive bids have a minimum of KSh50,000 and a maximum of KSh50 million. Competitive bids must be at least KSh2 million per CSD account for each tenor. Only investors with active DhowCSD accounts can take part.
The central bank has reserved the right to allocate the bonds in full or pro rata, and to accept or reject applications in whole or in part without giving a reason. Those terms give it flexibility to manage the size of the sale if demand falls short or is concentrated at certain yields.
Settlement will take place on November 23, 2026. Successful bidders must obtain their payment key and amount payable from the DhowCSD portal on November 20, 2026. Secondary trading in multiples of KSh50,000 begins on November 23, and both bonds will be listed on the Nairobi Securities Exchange.
The prospectus also sets out the bonds’ liquidity features. They qualify for the statutory liquidity ratio requirements for commercial banks and non-bank financial institutions under the Banking Act. Investors can pledge the securities as collateral for loans from regulated financial institutions.
The pricing tables show how the bonds’ prices change with yield. For the 15-year bond, a yield of 12.5 percent corresponds to a clean price of about KSh101.61 per KSh100 face value, while a yield of 13 percent gives about KSh99.30.
For the 30-year bond, a yield of 12 percent corresponds to a clean price of about KSh99.96, and 13 percent to KSh93.55. Accrued interest is KSh4.45 for the 15-year bond and KSh3.46 for the 30-year bond per KSh100.
The bank has said the bonds may be reopened at a future date. Investors will be watching the auction results on November 18 for the yields accepted and the amount raised against the KSh50 billion offered. Those figures will show how much demand the government is seeing for long-dated debt at current rates.
