Treasury Bonds in Kenya
Recent official Treasury Bond auction results from the Central Bank of Kenya. These are accepted auction yields for specific bond issues, not guaranteed future returns.
| Bond issue | Remaining / original tenor | Accepted yield | Coupon | Maturity | Auction |
|---|---|---|---|---|---|
| FXD4/2019/010 | 3.20 yrs remaining / 10-yr issue | 11.1398% | 12.2800% | 12 Nov 2029 | 9 Sep 2026 switch |
| FXD3/2019/015 | 7.9 yrs remaining / 15-yr issue | 12.7631% | 12.3400% | 10 Jul 2034 | 7 Sep 2026 |
| SDB1/2011/030 | 14.4 yrs remaining / 30-yr issue | 13.6937% | 12.0000% | 21 Jan 2041 | 7 Sep 2026 |
What is a Treasury bond switch auction?
The latest FXD4/2019/010 switch accepted KES 11.02bn at an 11.1398% weighted average yield. Amka explains how a switch differs from a normal auction, why the bond price is above KES 100 and how the result compares with 26 August.
Read the bond switch explainer →How to read this snapshot
Accepted yield is the weighted average yield of bids accepted at that auction. Coupon is the fixed annual coupon rate on the bond. They can differ because reopened bonds trade above or below face value. Bond prices can also move after the auction.
What changed recently?
The 9 September switch auction for FXD4/2019/010 cleared at an accepted weighted average yield of 11.1398%. Two reopened longer bonds auctioned on 7 September cleared at 12.7631% and 13.6937%, showing a higher yield on the longer maturity in this snapshot.
What this does not tell you
A higher yield does not automatically mean a bond is more suitable. Maturity, price, tax treatment, liquidity and the possibility of selling before maturity all matter. Infrastructure Bonds can also have different tax treatment from ordinary fixed-coupon issues.