The Central Bank of Kenya (CBK) has announced the reopening of two fixed-coupon Treasury bonds in the government’s efforts to raise Sh40 billion from the domestic market to support the budgetary needs.
In a public notice released on October 23, 2025, the CBK invited Kenyans to purchase the two bonds, FXD1/2012/020 and FXD1/2022/015.
“The Central Bank of Kenya, acting in its capacity as fiscal agent for the Republic of Kenya, invites bids for the above bonds whose terms and conditions are as follows,” the notice read in part.
The first bond, FXD1/2012/020, has 7 years remaining to maturity and offers a 12.000 percent coupon rate. The bond matures on November 1, 2032, and is subject to a 10 percent withholding tax on interest income.
At the same time, the second bond, FXD1/2022/015, has 11.4 years to maturity with a 13.942 percent coupon rate. It will mature on April 6, 2037, and is subject to the same 10 percent withholding tax.
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For non-competitive bids, the minimum investment is Sh50,000 and Sh2 million for competitive bids.
According to CBK, the sale runs from October 23 to November 5, 2025, with the auction closing at 10:00 am on the final day.
“All successful bidders should obtain the payment key and amount payable from the CBK DhowCSD Investor Portal/App under the transactions tab on Friday, November 7, 2025, for FXD1/2012/020 and FXD1/2022/015,” CBK directed.
Secondary trading in multiples of Sh50,000 will begin on Monday, November 10, 2025, for both bonds.
Investors seeking liquidity before maturity will be able to rediscount the bonds at 3 percent above prevailing market yields or coupon rates.
