The Central Bank of Kenya (CBK) has reopened bids for two fixed-coupon Treasury bonds, giving Kenyans an opportunity to invest in government securities starting from as low as KSh 50,000.
In a public notice released on October 23, 2025, the CBK announced that the sale aims to raise KSh 40 billion to support the government’s budgetary requirements. The two bonds, FXD1/2012/020 and FXD1/2022/015, have tenors of 15 years and 20 years, respectively.
“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
The first bond, FXD1/2012/020, has 7 years remaining to maturity and offers a 12.000% coupon rate. The bond matures on November 1, 2032, and is subject to a 10% withholding tax on interest income.
For investors seeking longer-term returns, the second bond, FXD1/2022/015, has 11.4 years to maturity with a 13.942% coupon rate. It will mature on April 6, 2037, and is subject to the same 10% withholding tax.
Both bonds have a value date of November 10, 2025, with the auction and bid submission deadline set for Wednesday, November 5, 2025, at 10:00 a.m.
Investment Options and Bid Categories
The CBK will accept both competitive and non-competitive bids.
For non-competitive bids, the minimum investment is KSh 50,000 and the maximum is KSh 50 million per Central Securities Depository (CSD) account per tenor.
For competitive bids, investors must place a minimum of KSh 2 million per CSD account per tenor.
Payments for successful bids must be made via the CBK DhowCSD Investor Portal or App under the “Transactions” tab by Friday, November 7, 2025.
“All successful bidders should obtain the payment key and amount payable from the CBK DhowCSD Investor Portal/App under the transactions tab,” CBK stated.
The Central Bank cautioned that defaulters may be barred from participating in future government securities investments.
Key Dates and Secondary Trading
- Period of Sale: October 23 – November 5, 2025
- Bid Submission Deadline: Wednesday, November 5, 2025 (10:00 a.m.)
- Auction Date: Wednesday, November 5, 2025
- Settlement Date: November 10, 2025
- Payment Information Access: November 7, 2025
Secondary trading in multiples of KSh 50,000 will begin on Monday, November 10, 2025, for both bonds.
Additionally, CBK noted that rediscounting will be available as a last resort, at 3% above the prevailing market yield or coupon rate, whichever is higher. Requests must be sent via email to [email protected].
Also Read: Why CBK Won’t Remit Dividends to Treasury This Time Round
CBK stated that it reserves the right to accept or reject applications in full or in part without giving a reason, and that the bonds may be reopened at a future date.
For inquiries, investors may contact the Financial Markets Department at CBK Headquarters or visit branches in Mombasa, Kisumu, Eldoret, Nyeri, Meru, Kisii, and Nakuru Currency Centers.
Investors may also engage commercial banks, investment banks, or stockbrokers, or send an email to [email protected].
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