The government has raised more than Sh29 billion through a Treasury bond tap sale, underscoring continued investor interest in long-term government securities despite demand falling slightly below the amount on offer.
Results released by the Central Bank of Kenya (CBK) on June 23, 2026, show that investors submitted bids worth Sh29.24 billion for two Treasury bond issues, FXD1/2018/020 and FXD1/2021/025, against a combined advertised amount of Sh31.01 billion.
The tap sale involved Sh6.39 billion under FXD1/2018/020 and Sh24.62 billion under FXD1/2021/025. According to CBK, the two bond issues attracted strong participation from investors seeking fixed-income investments backed by the government.
Data released by the regulator shows that the FXD1/2018/020 bond received bids worth Sh6.10 billion at face value, while the FXD1/2021/025 issue attracted applications amounting to Sh23.14 billion.
CBK stated in the results that the “Total Advertised Amount (Sh Million)” stood at “6,387.35” for FXD1/2018/020 and “24,622.85” for FXD1/2021/025, bringing the combined amount to “31,010.20”.
The regulator further reported that the “Total Bids Received at Face value (Sh Million)” amounted to “6,097.72” for FXD1/2018/020 and “23,143.73” for FXD1/2021/025, translating into a combined bid value of “29,241.45”.
The outcome reflects sustained demand for government debt instruments as investors continue to seek stable returns through Treasury securities.
The bonds were offered with coupon rates of 13.2000 per cent for FXD1/2018/020 and 13.9240 per cent for FXD1/2021/025. CBK reported allocated average rates of 13.9885 per cent and 14.8636 per cent respectively for accepted bids.
The regulator also indicated that the adjusted average price per Sh100 was 99.2733 for FXD1/2018/020 and 96.1351 for FXD1/2021/025. The pricing reflects the return levels investors were prepared to accept for holding the bonds.
Although subscriptions did not fully match the advertised amount, the level of uptake points to continued confidence in Treasury instruments as investors weigh risk against returns in the domestic market.
The tap sale is part of the government's wider domestic borrowing programme, which uses Treasury bonds and Treasury bills to support budget financing needs and meet public debt obligations.
By raising more than Sh29 billion through the two bond issues, the government has secured a substantial source of local financing while providing investors with predictable income through fixed coupon payments.