The Central Bank of Kenya (CBK) on Thursday, October 23, 2025, announced two major bond opportunities; a buyback of the 2023 Treasury Bond and the reopening of two long-term fixed-coupon bonds aimed at raising Sh70 billion.
The auctions will be held in November 2025, with key deadlines for investor participation set between October 23 and November 17, 2025.
The buyback auction targets holders of the FXD1/2023/003 Treasury Bond, which has a remaining tenor of 0.6 years, a coupon rate of 14.2280%, and matures on May 11, 2026.
Only investors with unencumbered holdings in this bond as of November 17, 2025, are eligible to participate. The process is voluntary, allowing investors to sell back part or all of their holdings to the CBK.
All bids must be submitted electronically through the CBK DhowCSD platform by 10.00 am on November 17, 2025. Successful bidders will access their results on the same day under the “transactions” tab on the CBK DhowCSD Investor Portal or App.
Payments to successful investors will be processed by November 19, 2025.
The minimum competitive bid is Sh2 million per Central Securities Depository (CSD) account, while non-competitive bids range from Sh50,000 to Sh50 million.
The Central Bank emphasized that investors with pledged holdings must cancel their contracts at least five days before the buyback value date to qualify.
The bonds carry coupon rates of 12.0000% and 13.9420%, respectively, and are intended to raise Sh40 billion for budgetary support.
The sale period runs from October 23 to November 5, 2025, with bids due by 10.00 am on November 5, 2025.
The auction date is also November 5, 2025, and settlement will occur on November 10, 2025.
The CBK stated that successful bidders can retrieve their payment keys and payable amounts through the DhowCSD Investor Portal/App on Friday, November 7, 2025.
Defaulters risk being suspended from future investments in government securities.
The minimum competitive bid is Sh2 million, while non-competitive bids range between Sh50,000 and Sh50 million.
The CBK reserves the right to accept applications in full, partially, or reject them without explanation.
It also noted that the bonds may be reopened at a later date, depending on market conditions.
