| AUCTION CLOSES JUNE 3, 2026 · 10:00 AM | SETTLEMENT JUNE 8 | MIN. KES 50,000 |
The Central Bank of Kenya doesn’t stop. A fresh round of Treasury Bonds is now open, and one of them has a feature no bond in this series could claim before: your first coupon payment arrives just seven days after your money settles.
The auction closes June 3rd, 2026.
| NEW TO BONDS?
A Treasury Bond is a loan you give the government. They pay you interest, called a coupon, every six months. At the end of the period, your full principal is returned. Government-backed, CBK-regulated, and one of the safest investments available in Kenya. Minimum: KES 50,000. |
1. The Two New Treasury Bonds
The Central Bank is offering two reopened fixed-coupon bonds in a KES 40 billion auction. Both share the same auction and settlement dates: only the coupon rate, tenor, and payment months differ.
FROM THE OFFICIAL CBK PROSPECTUS — MAY 29, 2026
“Central Bank of Kenya, acting in its capacity as fiscal agent for the Republic of Kenya, invites bids for Re-Opened 15 and 25 Year Fixed Coupon Treasury Bonds.”
| FXD1/2020/015
The 15-Year Bond 12.756% p.a. |
FXD1/2018/025
The 25-Year Bond 13.40% p.a. |
| Years remaining 8.7 years
Matures Feb 5, 2035 Pays coupons in August & February First payment Aug 17, 2026 Total payments 18 coupons |
Years remaining 17.1 years
Matures May 25, 2043 Pays coupons in June & December First payment Jun 15, 2026 ⭐ Total payments 35 coupons |
| PLEDGE AS COLLATERAL
Once you hold these bonds, you can pledge them as collateral to access loans from regulated financial institutions; your investment keeps earning while giving you borrowing power. |
2. What You Earn After Tax
All figures are after the 10% withholding tax is deducted; what you see is exactly what lands in your account.
FXD1/2020/015 — 12.756% Coupon | Net: 11.480%
Pays: August & February | 18 payments | Matures Feb 5, 2035
FXD1/2018/025 — 13.40% Coupon | Net: 12.060%
Pays: June & December | 35 payments | Matures May 25, 2043
3. Lifetime Earnings if Held to Maturity
What happens if you hold the bond to the end, collecting every coupon along the way?
ON KES 100,000 INVESTED
ON KES 1,000,000 INVESTED
| KES 3M+
TOTAL RETURN ON KES 1,000,000 IN THE 25-YEAR BOND: HELD TO 2043 Your original million comes back intact. The extra KES 2 million-plus is pure interest income, paid every six months for 17 years. |
4. Your Exact Payday Calendar
Every payment date, sourced directly from the CBK prospectus, with the net amount calculated at KES 100,000 invested.
FXD1/2020/015 — 18 Payments | August & February | First: Aug 17, 2026
FXD1/2018/025 — 35 Payments | June & December | First: Jun 15, 2026
Settle on June 8th, receive your first coupon June 15th — just 7 days later.
| NOTE ON PAYMENT MONTHS — FXD1/2018/025
From 2037 onwards, payment dates naturally shift from June/December to May/November as the bond ages. All dates above are sourced directly from the CBK official prospectus. |
5. The Pricing Table, Explained Simply
Every CBK prospectus includes a pricing table. Understanding it in two minutes makes you a significantly sharper investor.
The core idea: when you buy or sell a bond on the secondary market, from another investor after the auction, the price you pay shifts based on where market interest rates are. When market yields go up, bond prices go down. When yields fall, prices rise.
The pricing table answers: “If the market yield is X%, what does this bond cost per KES 100 of face value?”
PRICING TABLES, CBK PROSPECTUS MAY 29, 2026
| WHAT THIS MEANS FOR YOU AT AUCTION
As a non-competitive bidder, you don’t need to stress about the pricing table. CBK does the calculation and tells you exactly what to pay. The table matters most if you later want to buy or sell on the secondary market, where knowing whether a bond is trading above or below par becomes genuinely useful. |
6. The Full-Year Income Calendar
If you followed this series and invested in bonds across all three episodes, here is what your annual income calendar looks like: 10 out of 12 months have money arriving.
| JAN
FXD3/2019/015 Ep.2 |
FEB ×2
Ep.2 + Ep.3 double payday |
MAR
— |
APR
— |
| MAY
FXD1/2021/025 Ep.1 |
JUN
FXD1/2018/025 Ep.3 |
JUL
FXD3/2019/015 Ep.2 |
AUG ×2
Ep.2 + Ep.3 double payday |
| SEP
— |
OCT
— |
NOV
FXD1/2021/025 Ep.1 |
DEC
FXD1/2018/025 Ep.3 |
February and August are double-payment months. June arrives for mid-year expenses; December lands before the new year. This is bond laddering, stacking bonds across payment cycles to create a near-monthly income stream. It starts at KES 50,000 per bond.
7. How to Bid Before June 3rd
| DEADLINE: JUNE 3, 2026 AT 10:00 AM
Submit bids through the CBK Investor Portal before 10:00 AM on June 3rd. Payment key available June 5th. Settlement: June 8th. |
Step 1 Open the CBK app: New investors need a National ID and KRA PIN to register.
Step 2 Choose your bond
FXD1/2020/015 (pays Aug & Feb), FXD1/2018/025 (pays Jun & Dec — first payment Jun 15th), or both. Min KES 50,000 each.
Step 3 Place a non-competitive bid
Enter your amount. CBK calculates the yield. Max KES 50 million per bond.
Step 4 Check results on June 5th
Your payment key and exact amount appear in DhowCSD under the Transactions tab.
Step 5 Settlement: June 8th
You’re a bondholder. If you took the 25-year bond, your first payment arrives June 15th.
|
COURSE · BONDS MASTERCLASS Ready to Turn Bonds Into a Predictable Source of Passive Income? You’ve seen the payment dates. You’ve seen the numbers. Now learn the full system: how to pick bonds, time auctions, stack payment months, and build a portfolio that pays you every single month. |
| Monthly Income Calendar: Stack bonds so money arrives every 30 days. | Navigate CBK Auctions Know what to bid, when, and what to do after. |
| Read Prospectuses Like a Pro Coupon rates, pricing tables — decoded simply. | Secondary Market Strategy When to buy, sell, and spot a mispriced bond. |
| Corporate & Sustainability Bonds Beyond govt bonds — KMRC, I&M MTN, and more. | Return Calculator Included Plug in your amount, get exact net income. |
| SIGN UP HERE FOR THE INVESTING IN BONDS IN KENYA COURSE |
Disclaimer: All return calculations are illustrative, based on stated coupon rates and 10% withholding tax deduction. Actual yields may differ based on the auction clearing price. Pricing table values are sourced directly from the CBK official prospectus dated May 29, 2026. This article is for educational purposes only and does not constitute financial advice. Always read the full prospectus and consult a licensed financial advisor before investing.
Source: Central Bank of Kenya, Prospectus for Re-Opened 15 and 25 Year Fixed Coupon Treasury Bonds (FXD1/2020/015 & FXD1/2018/025), May 29, 2026.