The Central Bank of Kenya (CBK) has reopened the sale of two fixed-coupon Treasury bonds to raise KSh40 billion to support the government’s budget.
In a prospectus released on Tuesday, July 14, the CBK invited investors to bid for the reopened 20-year and 25-year Treasury bonds, both aimed at raising a combined KSh40 billion to support the budget.
The first bond, FXD1/2019/020, has 12.8 years remaining to maturity and carries a 12.8730 percent coupon rate. It will mature on March 21, 2039.
The second bond, FXD1/2022/025, has 21.4 years remaining to maturity and offers a 14.1880 percent coupon rate. The bond is scheduled to mature on September 23, 2047.
CBK Opens KSh40 Billion Treasury Bond Offer to Investors
According to the CBK, the offer opened on July 14, 2026, and will close on July 22, 2026, with bids due by 10 a.m. on the closing date.
The auction is scheduled for July 22, with successful investors settling their purchases on July 27, 2026, with the bond sale used for budgetary support.
The CBK said non-competitive bids will range from a minimum investment of KSh50,000 to KSh50 million, while competitive bids will have a minimum investment threshold of KSh2 million per Central Securities Depository (CSD) account for each tenor.
Successful bidders will be required to obtain their payment keys and payable amounts through the CBK DhowCSD Investor Portal or mobile application on July 24, 2026.
“All successful bidders should obtain the payment key and amount payable from the CBK DhowCSD Investor Portal/App under the transactions tab on Friday, 24-Jul-2026, for FXD1/2019/020 and FXD1/2022/025,” read part of the statement.
Also Read: CBK Opens Govt Securities Market to Foreign Investors: How It Will Work
The bonds will be subject to a 10 percent withholding tax and will be listed on the Nairobi Securities Exchange (NSE) after issuance, allowing investors to trade them in the secondary market from July 27, 2026, in multiples of KSh50,000.
The CBK also noted that the bonds qualify for statutory liquidity ratio requirements for commercial banks and non-bank financial institutions under the Banking Act.
Additionally, investors will be able to use the securities as collateral when borrowing from regulated financial institutions.
The regulator added that the bonds may be reopened in the future depending on the government’s financing needs, and warned that investors who fail to settle successful bids could face suspension from participating in subsequent government securities auctions.
Also Read: CBK Explains Why It Has Paused Interest Rate Changes
How to Bid
To invest in the reopened Treasury bonds, interested applicants must first open a DhowCSD account with the Central Bank of Kenya (CBK).
Prospective investors who do not already have an account can register online using a mobile phone or computer with internet access.
During registration, applicants are required to provide a valid email address, an active mobile phone number registered with a Kenyan mobile network, their Kenya Revenue Authority (KRA) PIN, settlement bank account details, a recent passport-size photograph, and a valid identification document, such as a national identity card, passport, or alien card.
According to the CBK, applicants must complete the registration process within seven days, as incomplete applications are automatically deleted from the system after that period.
Once an application is approved, investors receive a username via email, which they can use together with their registered email address to access the DhowCSD Investor Portal or mobile application.
CBK also allows investors to open joint DhowCSD accounts, provided each account holder first registers an individual account.
Any subsequent changes to an investor’s email address or settlement bank account details must be submitted to the CBK for approval before they take effect.
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