NAIROBI, Kenya — The Central Bank of Kenya (CBK) has reopened bids for two long-term fixed-coupon Treasury bonds, offering investors a chance to lend to the government from as low as Sh50,000.
In a prospectus dated February 27, CBK announced the reopening of a 20-year and a 25-year fixed-coupon Treasury bond, targeting a combined Sh60 billion for budgetary support.
The 20-year bond, FXD1/2019/020, has 13.1 years remaining to maturity and carries a coupon rate of 12.873pc. It will mature on March 21, 2039. The 25-year bond, FXD1/2021/025, has 20.1 years to maturity with a coupon rate of 13.924pc, and will mature on April 9, 2046. Both instruments are subject to a 10pc withholding tax on interest income.
The sale period opened on February 26, with bid submission closing on March 11 at 10:00 am. The auction will also take place on March 11, while successful bidders must settle payment by March 16, 2026.
CBK stated that non-competitive bids will range from Sh50,000 to Sh50 million. Competitive bidders, however, must invest a minimum of Sh2 million per Central Securities Depository (CSD) account per tenor.
“All successful bidders should obtain the payment key and amount payable from the CBK DhowCSD Investor Portal/App under the transactions tab on Friday, 13/03/2026, for FXD1/2019/020 and FXD1/2021/025,” the regulator said. It warned that defaulters risk suspension from future government securities auctions.
The bonds will be listed on the Nairobi Securities Exchange (NSE) and will qualify for statutory liquidity ratio requirements for commercial banks and non-bank financial institutions. Secondary trading in multiples of Sh50,000 will commence on March 16, 2026.
To participate, investors must have a DhowCSD account. Registration requires a valid email address, an active Kenyan mobile number, a KRA PIN, settlement bank details, and identification documents such as a national ID, passport, or alien card. Applicants must also upload a clear passport-size photograph.
CBK requires registration to be completed within seven days; failing which, the system automatically deletes incomplete profiles. Once approved — a process that typically takes two to three days — investors can log into the DhowCSD portal or mobile app to view available Treasury bills and bonds and place bids using the BUY/SELL function.
Joint accounts are permitted but only after each participant has an active individual profile. Any request to amend settlement details or email addresses must be processed directly by CBK.
The reopening comes as the government continues to rely on domestic borrowing to plug budget deficits amid constrained revenue growth.
With yields above 12pc, the reopened bonds are likely to attract strong interest from investors seeking relatively secure, fixed-income returns in a high-rate environment.
