Kenya Treasury Bonds & Bills
Live Kenyan sovereign debt, monthly Treasury Bond auctions (FXD, IFB, SDB issues) with coupon rates, maturities, and accepted yields, plus weekly 91/182/364-day Treasury Bill rates. All data sourced from the Central Bank of Kenya's primary auction publications.
Current Bond Yields
Latest accepted yield by tenor across reopened and new Treasury Bond auctions.
Treasury Bond Auctions
Monthly CBK Treasury Bond auctions covering 2-year through 30-year tenors. Coupon is the fixed semi-annual interest rate set at issue; yield is the weighted average rate of accepted bids at the latest reopening or new issue auction.
| Auction | Issue | Tenor | Maturity | Coupon | Yield | Accepted (KES m) | Subscription |
|---|---|---|---|---|---|---|---|
| May 25, 2026 | FXD3/2019/015 | 15-year | Jul 2034 | 12.340% | 12.9708% | 14,425 | 41.3% |
| May 25, 2026 | FXD1/2021/020 | 20-year | Jul 2041 | 13.444% | 13.7421% | 22,169 | 53.0% |
| May 11, 2026 | FXD1/2012/020 | 20-year | Nov 2032 | 12.000% | 12.4573% | 47,530 | 59.9% |
| May 11, 2026 | FXD1/2019/020 | 20-year | Mar 2039 | 12.873% | 13.2126% | 14,539 | 22.0% |
| May 11, 2026 | FXD1/2021/025 | 25-year | Apr 2046 | 13.924% | 13.6949% | 31,975 | 50.6% |
| Apr 20, 2026 | SDB1/2011/030 | 30-year | Jan 2041 | 12.000% | 12.9960% | 6,571 | 35.3% |
| Apr 20, 2026 | FXD1/2026/030 | 30-year | Mar 2056 | 12.500% | 13.7554% | 23,490 | 156.4% |
Source: Central Bank of Kenya Treasury Bond auction results · Updated monthly.
Treasury Bill Auctions
Weekly CBK T-bill auctions of 91-day, 182-day, and 364-day tenors. T-bills trade at a discount; the stop rate is the weighted average yield of accepted bids.
| Auction | Tenor | Stop Rate | Offered (KES m) | Performance | Accepted (KES m) |
|---|---|---|---|---|---|
| May 25, 2026 | 91-day | 8.3865% | 4,000 | 396.6% | 11,950 |
| May 25, 2026 | 182-day | 8.2113% | 10,000 | 83.9% | 8,390 |
| May 25, 2026 | 364-day | 8.5881% | 10,000 | 57.9% | 5,778 |
| May 18, 2026 | 91-day | 8.3176% | 4,000 | 183.1% | 7,313 |
| May 18, 2026 | 182-day | 8.2123% | 10,000 | 78.5% | 7,839 |
| May 18, 2026 | 364-day | 8.5631% | 10,000 | 112.4% | 11,229 |
| May 11, 2026 | 91-day | 8.1895% | 4,000 | 243.5% | 9,735 |
| May 11, 2026 | 182-day | 8.2100% | 10,000 | 145.2% | 14,518 |
| May 11, 2026 | 364-day | 8.5145% | 10,000 | 51.6% | 5,160 |
Source: Central Bank of Kenya · Auctioned every Thursday.
About the Kenyan sovereign debt market
The Central Bank of Kenya (CBK) manages all government debt issuance on behalf of the National Treasury. The two main instruments are short-dated Treasury Bills (91/182/364-day) auctioned weekly on Thursdays, and longer-dated Treasury Bonds (2-year to 30-year) auctioned monthly.
Treasury Bonds are issued under three main programs. FXD (Fixed Rate) is the standard issue with a fixed coupon paid semi-annually. IFB (Infrastructure Bond) is tax-exempt, interest is free of withholding tax, which attracts retail buyers and often trades at a premium. SDB (Special Development Bond) is occasionally issued for specific development financing.
Kenya also has USD-denominated Eurobonds traded on the London Stock Exchange and Irish Stock Exchange, but those are issued sporadically rather than via regular CBK auctions. Mansa coverage will extend to Eurobonds and NSE Kenya secondary-market bond quotes in future updates.
Frequently asked questions
What is the current Kenyan Treasury Bond yield?
Yields shown in the table above are the weighted average rate of accepted bids at each Treasury Bond auction. Kenyan long-dated bonds (15-25y) have generally yielded 12-14% in recent auctions, with the exact rate set by demand at each monthly auction.
What's the difference between FXD, IFB, and SDB bonds?
FXD (Fixed Rate Treasury Bond) is the standard sovereign instrument with a fixed coupon paid semi-annually. IFB (Infrastructure Bond) is a tax-exempt FXD variant, interest is free of withholding tax for Kenyan investors. SDB (Special Development Bond) is occasionally used for specific development financing.
How often does the CBK auction Treasury Bonds?
The Central Bank of Kenya auctions Treasury Bonds approximately once a month, sometimes reopening existing issues to add to outstanding stock. Auction dates and forthcoming issuances are announced in the monthly auction calendar.
What is the current 91-day Kenyan Treasury Bill rate?
The latest 91-day, 182-day, and 364-day Treasury Bill stop rates from the Central Bank of Kenya's most recent auction are shown live at the top of this page. T-bill rates change weekly based on auction outcomes.
How do I buy Kenyan Treasury Bonds or T-Bills?
Through any commercial bank or licensed stockbroker with a CBK Central Securities Depository (CSD) link. Retail investors can also access the CBK's DhowCSD investor portal directly. Minimum non-competitive bid is KES 50,000.
Are Treasury Bonds taxed?
Standard FXD bonds attract 15% withholding tax on coupon interest for residents. Infrastructure Bonds (IFB) are tax-exempt, one reason they often trade at a premium. Capital gains on listed sovereign debt are generally exempt in Kenya.