The Central Bank of Kenya (CBK) has invited investors to bid for two reopened long-term Treasury bonds. Through the offer, the government aims to raise Ksh 50 billion to support the national budget.
The bonds target both individual and institutional investors who want stable and predictable returns. CBK says the reopening will help manage government borrowing during a period of rising interest rates and tight public finances.
Details of the Treasury Bonds on Offer
In a statement shared on X on January 22, 2026, CBK said it is acting as the government’s fiscal agent in the bond sale. The two bonds on offer are FXD3/2019/015 and FXD1/2018/025.
The first bond has a 15-year tenor with 8.4 years remaining and offers a fixed interest rate of 12.34 percent. The second bond has a 25-year tenor with 17.3 years left to maturity and carries a higher rate of 13.40 percent. Both bonds attract a 10 percent withholding tax.
Sale Period and Auction Dates
The sale period runs from January 22 to February 11, 2026. Investors must submit their bids by 10:00 a.m. on February 11, which is also the auction date.
CBK will settle successful bids on February 16, 2026. Investors can access payment details through the CBK DhowCSD Investor Portal or mobile app on February 13.
Who Can Invest and Bid Limits
Non-competitive bids allow small investors to participate with amounts ranging from Ksh 50,000 to Ksh 50 million per account. Competitive bids, mainly for larger investors, start at Ksh 2 million per Central Securities Depository account for each bond.
CBK says it may accept or reject bids fully or partially. This approach follows standard practice in government securities auctions.
Trading, Liquidity and Collateral Use
Secondary trading of the bonds will start on February 16 in minimum units of Ksh 50,000. CBK will list the bonds on the Nairobi Securities Exchange, giving investors the option to sell before maturity.
The bonds also qualify for statutory liquidity requirements under the Banking Act. Investors can use them as collateral for loans, provided they cancel the pledge at least five days before maturity.
Why the Bond Reopening Matters
Financial analysts say reopening existing bonds helps the government extend debt maturity and reduce pressure from short-term borrowing. It also attracts long-term investors who prefer steady and reliable returns.
CBK has encouraged retail investors to use the DhowCSD platform, which simplifies access to government securities. For more details, investors can contact CBK’s Financial Markets Department or email NDO@centralbank.go.ke.