The Central Bank of Kenya (CBK) has officially reopened two major government securities, a 15-year fixed coupon bond (FXD1/2019/015) and a 30-year fixed coupon bond (SDB1/2011/030), aiming to raise a combined total of Sh50 billion. The auction window is open from November 10 to November 18, 2026, with settlement scheduled for November 25, 2026. Retail and institutional investors can participate digitally via the DhowCSD platform.
The 15-Year Bond (FXD1/2019/015) carries a coupon rate of 12.857% and has approximately 7.3 years remaining to maturity, coming due on January 9, 2034. The 30-Year Bond (SDB1/2011/030) offers a coupon rate of 12.5% with roughly 14.3 years left until its maturity date on January 21, 2041. Both securities are subject to a 10% withholding tax, standard for government infrastructure and fixed-coupon bonds in Kenya.
Investors looking to participate in the Sh50 billion auction must adhere to a strict calendar set by the Central Bank. The sale period opens on Tuesday, November 10, 2026, and the bid submission deadline is Wednesday, November 18, 2026, at 10:00 AM. The auction date is Monday, November 23, 2026, and the settlement date is Wednesday, November 25, 2026.
Successful bidders will be expected to log into their portfolios ahead of time to obtain the payment key and amount payable from the CBK DhowCSD Investor Portal/App. Secondary trading of the bonds on the Nairobi Securities Exchange (NSE) is scheduled to commence on November 23, 2026, in multiples of Sh50,000. The securities qualify toward statutory liquidity ratio requirements for commercial banks and non-bank financial institutions under the Banking Act.
The CBK continues to champion financial inclusion through its digital Central Securities Depository platform, allowing everyday citizens to participate alongside deep-pocketed institutional investors. Non-competitive bids are designed for retail investors, starting at a minimum of Sh50,000 and capped at Ksh50 million per CSD account. Competitive bids require a minimum investment of Sh2 million per CSD account for each bond tenor.
To take part in the Treasury bond auction, prospective investors are required to have an active DhowCSD account. New participants can complete their registration digitally via a mobile phone or internet-enabled computer. The onboarding requirements include a valid email address and an active mobile number registered on a Kenyan network, a valid Kenya Revenue Authority (KRA) PIN and bank settlement account details, and a recent passport-size photograph.
For investors requiring liquidity before maturity, the Central Bank provides a rediscounting facility as a last resort. However, utilizing this facility comes at a steep cost, attracting a rate of three percentage points above the prevailing market yield or the bond's coupon rate, whichever happens to be higher. Alternatively, investors can leverage their holdings by using Government Securities as collateral to secure credit lines from regulated financial institutions.
Key points
- The Central Bank of Kenya has reopened two major government securities, a 15-year and a 30-year fixed coupon bond, aiming to raise a combined total of Sh50 billion.
