The Central Bank of Kenya (CBK) has reopened tenders for two fixed-coupon Treasury bonds, offering Kenyans the opportunity to invest starting from as low as KSh 50,000.
The CBK declared in a public statement issued on November 11, 2025, that the auction will help to satisfy the budget needs of the government for KSh 40 billion. Respectively, the tenures of fifteen years and twenty-five years are the two bonds, FXD3/2019/015 and FXD1/2022/025.
“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.
CBK Bond Details and Coupon Rates
With 8.7 years left until maturity and a 12.340% coupon rate, the first bond, FXD3/2019/015, provides a one-off.
The maturity date of the bond is July 10, 2034; interest income is subject to a 10% withholding tax.
The second bond, FXD1/2022/025, has a 14.188% coupon rate and a 21.9-year maturity, making it an attractive option for investors seeking longer-term returns. Subject to the same 10% withholding tax, it will mature on September 23, 2047.
Both bonds’ value date is November 24, 2025; the auction and bid deadline is Wednesday, November 19, 2025, at 10:00 a.m.
Investment Options and Bid Categories
Both competitive and non-competitive bids will be welcome from the CBK.
The minimal investment for non-competitive bids is KSh 50,000; the most is KSh 50 million per Central Securities Depository (CSD) account per tenor.
Investors should put at least KSh 2 million per CSD account per tenor for competitive bids.
By Friday, November 21, 2025, payments for winning bids must be sent under the “Transactions” tab through the CBK DhowCSD Investor Portal or App.
“All successful bidders should obtain the payment key and amount payable from the CBK DhowCSD Investor Portal/App under the transactions tab,” CBK stated.
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The Central Bank cautioned that defaulters may be barred from participating in future government securities investments.
Important Dates and Secondary Trading
- Period of Sale: November 11 – November 19, 2025
- Bid Submission Deadline: Wednesday, November 19, 2025 (10:00 a.m.)
- Auction Date: Wednesday, November 19, 2025
- Settlement Date: Monday, November 24, 2025
- Payment Information Access: Friday, November 21, 2025
For both bonds, secondary trading in multiples of KSh 50,000 will commence on Monday, 24 November 2025.
CBK also stated that rediscounting would be offered as a last resort at a rate of 3% above the current market yield or coupon rate, whichever is higher.
Under the “Rediscount” option, requests must be submitted through the CBK DhowCSD Portal/App.
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CBK declared that it reserves the right to accept or refuse applications in full or in part without justifying; the bonds might then be reopened at some later point.
Investors may contact the Financial Markets Department at CBK Headquarters for questions or visit branches in Mombasa, Kisumu, Eldoret, Nyeri, Meru, Nakuru, and their own Currency Centres.
Investors can additionally use commercial banks, investment banks, or stockbrokers, or email [email protected].
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