What is the current interest rate on Kenyan infrastructure bonds?

Infrastructure bonds do not have a single rate. Each issue carries its own coupon, fixed at the auction that created it, and what you actually earn is the yield to maturity at today’s market price — which moves daily. The table above lists every infrastructure bond (the IFB series) currently tracked with its coupon, its live yield to maturity and its years to maturity, so you can read today’s figure instead of one quoted in an article months ago. Because IFB interest is exempt from withholding tax, the yield shown is already what you keep.

Which government bond gives the highest return in Kenya?

Compare on yield to maturity after tax, never on the coupon. A high coupon on a bond trading above face value can return less than a lower coupon bought at a discount, and a fixed-coupon Treasury bond loses 10% or 15% of its interest to withholding tax while an infrastructure bond loses none. The ranking above sorts every tracked bond by live yield to maturity and shows the after-tax figure beside it, which is the only comparison that holds across all three categories. Note that the highest-yielding bond is rarely the best fit: it usually carries the longest maturity, so your money is committed for longer.

How do I buy an infrastructure bond in Kenya?

The same way as any Treasury bond. Open a CDS account free of charge through the Central Bank’s DhowCSD app, wait for CBK to announce an infrastructure bond issue or a reopening of an existing one, and submit your bid before the auction closes. The minimum is KES 50,000, in multiples of KES 50,000. Infrastructure bonds are issued less often than ordinary Treasury bonds, so if none is on offer you can buy an existing IFB on the secondary market at the Nairobi Securities Exchange through a licensed broker. The step-by-step walkthrough is further down this page.

What is the Serrari T-Bond Ranking Index?

Serrari Ranking Index Score: A score calculated using yield, bond price discount, risk, and maturity. A higher score means a better ranking. It combines how much the bond pays (yield to maturity), whether you can buy it below its repayment value (price), and how safe it is (risk). Updated daily.

What's the minimum amount to invest in bonds?

The minimum investment through DhowCSD (CBK's mobile app) is KES 50,000, in multiples of KES 50,000 thereafter. This applies to all government securities — Treasury Bills and Treasury Bonds. You need a Kenyan ID, KRA PIN, M-Pesa account, and a CDS account (free to open via the app).

How often do I get paid?

Treasury bonds pay coupons semi-annually (every 6 months). So a 12% annual coupon pays 6% of face value twice a year. Payments are deposited directly to your linked bank account.

Can I sell my bonds before maturity?

Yes. Bonds trade on the secondary market at the Nairobi Securities Exchange. The price you get depends on current market conditions — if rates have risen since you bought, the price may be lower than what you paid. If rates have fallen, you may get more.

Why do infrastructure bonds have higher yields?

Two reasons. First, they tend to have longer maturities, which typically command higher yields. Second, and more importantly, interest on infrastructure bonds is fully tax-exempt (as of March 2026, subject to legislative change) — while treasury bonds pay 10-15% WHT depending on tenor (as of March 2026). This makes the effective (after-tax) yield on infra bonds significantly higher than comparable treasury bonds. Compare T-Bill yields →

Are bonds better than MMFs?

They serve different purposes. MMFs offer daily liquidity and are ideal for emergency funds or short-term savings (see the live MMF average). Bonds lock your money for longer but usually pay more over a longer horizon and provide predictable income through fixed coupon payments. Many investors use both: MMFs for accessible cash, bonds for longer-term income. Compare all products on the marketplace →

What does the bond price mean?

Bond prices are quoted per KES 100 of face value. A price of 96 means you pay KES 96,000 for a KES 100,000 bond — you get it at a discount, and at maturity you receive the full KES 100,000 back (a capital gain). A price above 100 means you pay a premium.

Kenya Treasury & Infrastructure Bond Rates — 52 Bonds, Avg YTM 11.92% (Oct 2026)

Analytics for live rates and charts, or Guide to learn how Treasury bonds work.

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Investor Guide

A Beginner’s Guide to Treasury Bonds in Kenya

Understand what Treasuries are, the language every bond investor must know, and how to buy Treasury bonds through the primary market and the secondary market.

17 min readSerrari Compliance & Strategy

“Treasuries” are investments issued by the Government of Kenya to borrow money. When you buy Treasury security, you are lending money to the government. The government promises to pay you a return and repay the amount owed according to the security’s terms.

What are Treasuries in the Kenyan context?

“Treasuries” are investments issued by the Government of Kenya to borrow money.

Instead of borrowing only from banks, the government borrows from:

Individual Kenyans
Companies
Pension funds
Insurance companies
Banks
Investment funds
Foreign investors

When you buy Treasury security, you are lending money to the government. The government promises to pay you a return and repay the amount owed according to the security’s terms.

The Central Bank of Kenya acts as the government’s issuing, payment and registration agent. (Central Bank of Kenya)

The two main Treasury products

Treasury bills are offered regularly, normally weekly, while Treasury bonds are generally auctioned monthly.

Product	Typical period	How the return is earned
Treasury bill	91, 182 or 364 days	Bought below face value and repaid at full face value
Treasury bond	Medium to long term, sometimes up to 30 years	Usually pays interest every six months

Simple Treasury bill and bond examples

Simple Treasury bill example

You invest approximately KES 94,000 in a Treasury bill.

At maturity, the government pays you KES 100,000.

The difference is your gross return, before applicable tax.

Simple Treasury bond example

You buy a Treasury bond with:

Face value: KES 1,000,000
Coupon rate: 12% per year
Interest paid: Every six months

Your gross interest would be:

KES 120,000 per year
KES 60,000 every six months

At maturity, the government returns the outstanding face value.

The language every bond investor must understand

Face value

This is the amount on which your coupon is calculated and the amount the government promises to redeem.

If you own KES 1 million face value, your coupons are calculated on KES 1 million—even if you paid more or less than KES 1 million to acquire it.

Coupon rate

The coupon is the interest rate written into the bond.

A 12% coupon on KES 1 million produces KES 120,000 gross interest annually.

Maturity date

This is the date on which the remaining principal is due for repayment.

Remaining maturity

This is more important than the bond’s original name.

A bond may be called a “20-year bond” because it was originally issued for 20 years. If 13 years have already passed, it only has seven years remaining.

Price

Bond prices are normally expressed per KES 100 of face value.

Price of 100 means the bond is trading at par.
Price of 95 means it trades below face value.
Price of 105 means it trades above face value.

If you buy KES 1 million face value at a clean price of 95, the base purchase price is approximately KES 950,000 before accrued interest, taxes and transaction charges.

Yield to maturity

Yield to maturity, or YTM, considers:

The coupon you will receive
The price you pay
The remaining time to maturity
The amount repaid at maturity

The coupon tells you the bond’s cash interest rate. The yield tells you more about the return available at the current purchase price.

The fundamental bond rule

When market interest rates rise, existing bond prices normally fall. When market interest rates fall, existing bond prices normally rise.

This happens because investors compare an existing bond with newly available investments.

Clean price, accrued interest and dirty price

The clean price excludes interest that has accumulated since the previous coupon date.

The dirty price is the approximate amount actually paid:

Dirty price = Clean price + Accrued interest

For reopened and secondary-market bonds, the amount paid can therefore be higher than the quoted clean price.

A CBK prospectus, shows clean price, accrued interest and dirty price separately for the reopened bonds.

Deciding Whether Treasuries Suit You

1When should you favour Treasuries?

Treasuries are particularly useful when you want:

Predictable income
Lower investment risk than ordinary shares
A place to preserve capital
Income every six months (Treasury bonds)
To match an investment to a future financial obligation
To lock in a return for several years
To diversify away from property, shares or business investments
A security that may be pledged as collateral

Treasury bonds are government obligations and generally pay semi-annual interest. They can also be sold through the NSE before maturity, although the selling price is not guaranteed and fluctuates depending on market conditions.

When should you not put money into a long-term bond?

A long bond may not be suitable when:

The money is your emergency fund.
You may need the full amount soon.
You have expensive debt that should be cleared first.
You want high long-term capital growth rather than income.
You cannot tolerate a temporary fall in market value.
Your future expenses are mainly in dollars or another foreign currency.
You do not understand the bond’s redemption or amortisation structure.

A bond can be safe from a credit perspective but still lose market value if you sell it before maturity.

Treasuries compared with other investments

A practical rule

Money needed within one year: consider cash, a money market fund or Treasury bills.
Money needed in two to five years: consider short- or medium-term bonds.
Money intended to produce long-term income: consider a bond ladder or longer bonds.
Money intended for aggressive long-term growth: bonds can be part of the portfolio, but equities and other growth assets may also be considered.

Investment	When it may be favoured	Main limitation
Cash or savings account	Immediate access is important	Usually produces a lower long-term return
Money market fund	Emergency fund or short-term goal	Return changes as market rates change
Treasury bill	Money is needed within roughly one year	Does not normally provide periodic income
Treasury bond	Predictable medium- or long-term income	Price may fall if sold early
Fixed deposit	You want a simple bank product	Early withdrawal may be restricted
Equity	You want long-term growth and can accept volatility	Dividends and prices are not guaranteed
Property	You want rental income and a physical asset	High entry cost, maintenance and lower liquidity
Corporate bond	You want a potentially higher yield	Greater issuer credit risk than government debt

Buying Through the Primary Market

1What is the primary market?

The primary market is where you buy a Treasury security directly when the Central Bank offers it for auction.

You are buying from the government through CBK rather than buying an already existing bond from another investor.

The normal process is:

1Open a CBK DhowCSD account.
2Wait for an auction announcement.
3Read the prospectus.
4Select the bond.
5Submit a bid.
6Check whether the bid succeeded.
7Pay the amount due.
8Receive the bond in your CSD account.

Step 1: Open a DhowCSD account

For government securities, the important account is the CBK Central Securities Depository account, commonly called a CSD or CDS account.

You can register through:

Open the official CBK DhowCSD portal

The DhowCSD application is also available through the official Google Play and Apple App stores.

CBK currently lists the following requirements for an individual account:

Valid email address
Active phone number
Passport-size photograph
National ID, passport or alien card
KRA PIN certificate or exemption certificate where applicable
Active commercial-bank account held in Kenya

CBK says the settlement bank ordinarily approves the account within approximately 48 working hours.

Simplified registration process

1Visit DhowCSD.
2Select Create Account.
3Enter your email, username and password.
4Select Physical Person.
5Enter your personal and contact information.
6Add your Kenyan bank-account details.
7Upload your photograph, identification and KRA PIN.
8Enter the verification token sent to your email.
9Wait for approval from your settlement bank.
10Log in and confirm your CSD account number.

The current general minimum investment is KES 50,000, with additional amounts normally made in multiples of KES 50,000. The prospectus for each security must still be checked.

Step 2: Find the bonds currently on offer

Use the official CBK pages:

Check the CBK schedule at the link below - CBK Schedule

Review the Treasury bond prospectuses - CBK Prospectus,

Decide which auction to bid in

CBK publishes a prospectus showing:

Issue number
ISIN
Original and remaining maturity
Coupon rate
Tax rate
Amount being raised
Period of sale
Bid-closing time
Auction date
Settlement date
Minimum and maximum bids
Coupon-payment dates
Redemption structure
Pricing tables
Whether the bond is new or reopened

Step 3: Read the prospectus before bidding

Do not select a bond using the coupon alone.

Check these items:

Item	Question to ask
Remaining maturity	When will my principal actually be returned?
Coupon	How much gross income will I receive?
Yield	What return am I receiving at the purchase price?
Tax	Is the coupon taxed at 15%, 10% or exempt?
Price	Am I buying below, at or above face value?
Accrued interest	Will I pay interest accumulated before my purchase?
Coupon dates	When will cash enter my bank account?
Amortisation	Will part of my principal be repaid early?
Liquidity	Is the issue actively traded?
Settlement date	When must payment reach CBK?

Step 4: Choose between non-competitive and competitive bidding

A. Non-competitive bid

With a non-competitive bid, you specify the face value you want, but you do not choose the yield.

You agree to accept the weighted-average yield determined by successful competitive bidders.

This is usually the most appropriate option for a beginner because you do not have to estimate the correct market yield. CBK’s auction rules define non-competitive bids as bids allotted at the auction’s weighted-average rate.

Example

You apply for KES 500,000 face value using a non-competitive bid.

After the auction:

CBK determines the accepted average yield.
That yield determines your purchase price.
The amount you pay may be above or below KES 500,000.
Accrued interest may also be added if the bond is reopened.

Current bidding limits

At the current state:

Minimum non-competitive bid: KES 50,000
Maximum non-competitive bid: KES 50 million
Additional amounts: normally in KES 50,000 multiples

These limits can change, so always read the current prospectus.

B. Competitive bid

With a competitive bid, you specify:

The face value you want
The yield you require

The July 2026 prospectus placed the minimum competitive bid at KES 2 million per CSD account per tenor.

Competitive bids are considered from lower yields upward until CBK reaches its cut-off.

A lower requested yield is more likely to be accepted, but it means paying a higher price.
A higher requested yield gives you a better return if accepted, but increases the likelihood of rejection.
At the cut-off, bids may be partially allocated.

CBK uses a multiple-price auction method in which successful competitive bidders are allocated according to their respective accepted bids.

Which should a beginner choose?

For most first-time retail investors, non-competitive bidding is the safer operational choice.

Non-competitive	Competitive
You do not choose the yield	You choose the yield
Simpler	Requires market knowledge
Suitable for most retail investors	More appropriate for informed or institutional investors
Accepts the auction average	Risk of rejection or partial allocation
Lower minimum	Current competitive minimum is much higher

Step 5: Submit your primary-market bid

Within DhowCSD:

1Go to the bidding or auction section.
2Select the bond on offer.
3Select competitive or non-competitive bidding.
4Enter the face value.
5For a competitive bid, enter the required yield.
6Review the security, amount and account carefully.
7Submit before the stated deadline.
8Save the bid confirmation.

A bid is a commitment. Do not bid for an amount you will be unable to settle.

Step 6: Check your auction results

After the auction, check:

The status of your bid
The face value allocated
The accepted yield
The amount payable
The payment key
The payment deadline

Recent prospectuses direct successful investors to obtain the payment key and amount payable from the Transactions section of DhowCSD. CBK may accept a bid fully, accept it partially or reject it, and failure to pay a successful allocation may lead to suspension from future government-security investments.

Step 7: Pay for the bond

Use the payment instructions shown in DhowCSD and the prospectus.

Your payment details will ordinarily include:

CSD account number
Payment key
Issue number
Exact amount payable
Settlement deadline

Do not simply transfer the face value. The amount payable may include:

The clean price
Accrued interest
Applicable tax adjustments
Any premium or discount

After successful settlement, the security should appear in your DhowCSD portfolio.

Method 1: Mobile Money (M-Pesa) — For amounts up to KSh 250,000

The Central Bank of Kenya (CBK) allows retail investors to settle smaller payments directly from their phones.

1Log into your account on the DhowCSD Web Portal or mobile app.
2Navigate to the Transactions tab.
3Locate your successful bid and select the option to Pay via M-Pesa.
4Enter your phone number to prompt a secure STK push notification directly on your mobile device.
5Enter your M-Pesa PIN to instantly clear the transaction.

Method 2: Bank Transfer (RTGS) — Required for amounts above KSh 250,000

For larger investments, you must authorize a Real-Time Gross Settlement (RTGS) transfer from your commercial bank.

1Log into your DhowCSD app or portal and visit the Transactions tab
2Click on the successful auction item to retrieve your unique Payment Key (Reference Number) and exact Amount Payable.
3Log into your commercial banking app (or visit a physical branch) and initiate an RTGS transfer to the Central Bank of Kenya.
4Provide the exact transfer details required by the bank:

Beneficiary Name: Your full name matching your DhowCSD profile.

Beneficiary Bank: Central Bank of Kenya.

CSD Account Number: Your unique CSD portfolio number (found under Settings > Profile Info > Accounts in DhowCSD).

Payment Reference: Input the exact Payment Key retrieved from DhowCSD.

Amount: The exact discounted amount due.

Note: If you won multiple bids in the same auction week, you must process an entirely separate RTGS transaction for each bid using its respective Payment Key.

What happens after purchase?

Once the bond is in your CSD account:

Coupons are paid to your registered bank account.
You can view your holdings through DhowCSD.
You can hold the bond until maturity.
You can sell it through the secondary market.
You may be able to pledge it as collateral.
The outstanding principal is repaid according to the redemption schedule.

Most conventional bonds pay coupons every six months. CBK also allows government securities to be pledged to regulated financial institutions, subject to the applicable process.

Buying Through the Secondary Market

1What is the secondary market?

The secondary market is where investors buy and sell Treasury bonds that have already been issued.

You are generally buying from another investor rather than directly from the government.

Kenyan Treasury bonds are listed for secondary trading through the Nairobi Securities Exchange.

Important account clarification

For Treasury bonds, your main holding account is the CBK DhowCSD account.

This is not exactly the same as the ordinary CDSC account commonly used for shares.

For a Treasury-bond trade:

The bond is registered in the CBK government-securities depository.
A licensed broker places your order through the NSE.
Your CBK CSD account is used in the trade and settlement process.

The NSE’s fixed-income rules recognise CDS accounts established either by a central depository or by the Central Bank of Kenya.

Step 1: Choose a licensed broker or investment bank

Use an NSE trading participant or another properly authorised intermediary.

Official NSE list of trading participants

Confirm the institution’s current licence before sending money. (Capital Markets Authority)

Ask the broker:

Do you trade government bonds for retail investors?
What is your minimum order?
What commission and other charges apply?
How do I link my CBK CSD account?
Where do I send settlement funds?
Will you provide clean price, dirty price and yield before execution?
Can I place a limit order?

Step 2: Complete broker onboarding and linkage

The broker may request:

National ID or passport
KRA PIN
Photograph
Proof of bank account
Address and contact details
Source-of-funds information
Your CBK CSD account number
Signed trading agreement
Broker-linkage or authorisation instructions

DhowCSD’s investor guide provides for preferred brokers, broker linkage and “earmarking,” which designates Treasury bonds for NSE trading. (Central Bank of Kenya)

For a purchase, make sure the broker knows the correct CSD account into which the bond should settle.

For a sale, you may need to earmark the security or give instructions allowing the broker to place it in the trading book.

Earmarking a security means setting aside a specific bond in your CSD account for a particular transaction—usually for sale through the secondary market.

Step 3: Identify the bond you want

Do not tell the broker only that you want “a 15-year bond.”

Specify the exact:

Issue number
ISIN
Face value
Remaining maturity
Target yield or maximum price

Use:

Click here to see the full list of NSE bonds currently trading on the secondary market.

On the same page click on the Download Daily Bond Price List link to view the daily statistics.

You may also request a list of live bids and offers from your broker.

What to compare

After reviewing all the above make the final decision of the bond you want to purchase.

Factor	Why it matters
Remaining maturity	Shows how long until principal repayment
Coupon	Determines your cash interest
Yield to maturity	Indicates return at the quoted price
Clean price	Bond price excluding accrued interest
Dirty price	Approximate settlement amount (The actual price you pay for a bond)
Tax rate	Determines your net income
Coupon date	Affects accrued interest
Amortisation	Determines whether principal returns early
Market activity	Indicates ease of buying or selling

Step 4: Ask for a live quotation

A broker’s quotation should ideally show:

Issue number and ISIN
Face value available
Coupon rate
Remaining maturity
Offered yield
Clean price
Accrued interest
Dirty price
Estimated fees
Total amount required

A previous day’s market price is a reference, not a guaranteed purchase price.

Step 5: Place a clear written order

A useful instruction could read:

Buy KES 1,000,000 face value of FXD1/2022/010 for my CBK CSD account, at a yield of not less than X% /or a dirty price not exceeding KES Y, valid until [date].

The order should be clear about whether your limit is based on:

Yield
Clean price
Dirty price

NSE fixed-income order instructions include the security code, CSD account, buy or sell direction, quantity, price or yield, and the order’s validity period.

Step 6: Fund the transaction

Follow the broker’s official settlement instructions.

Before sending money:

Confirm that the bank account belongs to the licensed institution.
Confirm the amount in writing.
Ask whether the quotation includes all fees.
Do not send investment money to an employee’s personal account or mobile number.

Step 7: Execution and settlement

The broker places the order through the NSE’s fixed-income trading system.

When the order matches:

Money is paid by the buyer.
The bond is transferred to the buyer’s CSD account.
Settlement occurs on a delivery-versus-payment basis.
The current NSE fixed-income rules provide for T+3 settlement, meaning settlement should occur within three business days after the trade.

After settlement:

1Check your DhowCSD portfolio.
2Confirm the correct issue and face value.
3Keep the contract note.
4Confirm the next coupon date.
5Confirm the total amount paid, including fees and accrued interest.

Primary Market Versus Secondary Market

1When should you favour the primary market?

The primary market may be better when:

You are comfortable with the bonds currently being offered.
You do not need a specific maturity that is absent from the auction.
You want to invest directly through CBK.
You prefer a non-competitive bid.
You want to avoid brokerage commissions.
You are willing to wait for the auction and settlement dates.

Primary-market advantages

Direct access through DhowCSD
No need to find an existing seller
Non-competitive bidding is beginner-friendly
No normal stockbroker commission when investing directly
Official prospectus provides the terms

Primary-market disadvantages

Limited to the bonds currently on offer
You do not know the final non-competitive yield beforehand
Allocation can be affected by the auction outcome
Payment deadlines are strict
Reopened issues may include substantial accrued interest
You may have to wait for the next auction

When should you favour the secondary market?

The secondary market may be better when:

There is no suitable bond in the current auction.
You want a particular maturity date.
You want an existing tax-free infrastructure bond.
You want to know the price and yield before committing.
You want to invest without waiting for the next auction.
You want to compare several bonds across the yield curve.

Secondary-market advantages

Wider choice of bonds
Ability to target a specific maturity
Ability to negotiate or limit the purchase price
Opportunity to buy between auctions
Access to existing infrastructure bonds
More control over the yield being accepted

Secondary-market disadvantages

Broker and transaction charges
Some bonds may have limited sellers
Bid-offer spreads can reduce your return
The quoted clean price is not the full amount paid
Greater need to understand yields and pricing
A trade may not execute immediately

Infrastructure bonds and reopened bonds

Infrastructure bonds

Labelled IFB

Infrastructure bonds finance specified infrastructure expenditure.

Their main attraction is that their interest is commonly tax-exempt, where this is expressly provided in the prospectus.

Reopened bonds

A reopened bond is an existing bond offered again.

It retains its existing:

Issue number
Coupon rate
Maturity date
Coupon dates
Tax treatment

Because it is partway through a coupon period, the buyer may have to pay accrued interest.

Taxation

Withholding tax on ordinary Treasury bonds

As a general framework:

General interest commonly attracts 15% withholding tax.
Interest from qualifying long-term bearer bonds of ten years and above commonly attracts 10%.
Qualifying infrastructure-bond interest is generally tax-exempt.

KRA’s published withholding-tax guidance shows 15% for general interest and 10% for interest from long-term bearer bonds of ten years and above. (Kenya Revenue Authority)

Do not calculate the tax rate from remaining maturity

A bond originally issued for ten years may now have only five years remaining but still carry the tax treatment stated in its prospectus.

For example, CBK’s July 2026 offer included a ten-year bond with only 5.8 years remaining, but the prospectus still stated 10% withholding tax.

Always use the tax rate shown in the bond’s prospectus.

Tax example

Suppose you hold KES 1 million face value with a 12% coupon.

Gross annual interest:

KES 1,000,000 × 12% = KES 120,000

Tax treatment	Tax deducted	Approximate net annual interest
15% withholding tax (Bond Tenor is less than or equal to 10yrs)	KES 18,000	KES 102,000
10% withholding tax (Bond Tenor is greater than 10yrs)	KES 12,000	KES 108,000
Tax-exempt infrastructure bond	Nil	KES 120,000

KRA states that withholding on qualifying interest is generally treated as final tax for resident individuals. Companies, trusts, non-residents and people trading as a business may have different reporting consequences and should confirm their position separately. (Kenya Revenue Authority)

What Every Retail Investor Should Know

1A high coupon does not automatically mean a better bond

Consider:

Bond A: 14% coupon, price 110
Bond B: 12% coupon, price 92

Bond A pays more coupon income, but you are paying a substantial premium.

Bond B pays a lower coupon, but you are buying below face value.

The better comparison is after-tax yield to maturity, not coupon alone.

Face value is not the same as purchase cost

You may apply for KES 1 million face value but pay:

KES 950,000 if the bond is at a discount
KES 1 million if it is at par
KES 1.1 million if it is at a premium
Plus accrued interest in a reopening or secondary trade

Budget using the dirty price, not just the face value.

Holding to maturity is different from selling early

If you hold a conventional bond to maturity:

You continue receiving coupons.
Temporary market-price changes may not affect your contractual cash flows.
The government repays the outstanding face value according to the prospectus.

If you sell early:

You receive the prevailing market price.
You may make a gain.
You may suffer a loss.
You may have to wait for a buyer.
Fees and the bid-offer spread reduce your proceeds.

The major risks

Interest-rate risk

If market yields rise, your bond’s price normally falls.

Inflation risk

A 12% return is less valuable if the cost of living is rising rapidly.

Liquidity risk

You may not find a buyer immediately at the price you want.

Reinvestment risk

Coupons and amortised principal may have to be reinvested at lower future rates.

Sovereign risk

The bond is an obligation of the Government of Kenya. It is generally regarded as lower credit risk than private-sector debt, but sovereign risk is not literally zero.

Currency risk

A positive return in Kenyan shillings may still be negative in dollar terms if the shilling weakens significantly.

Duration risk

Long bonds are generally more sensitive to changes in interest rates than short bonds.

Operational risk

Entering the wrong CSD account, issue number, yield or payment reference can delay or invalidate a transaction.

Consider building a bond ladder

Instead of investing all your money in one 20-year bond, you could spread it across different maturities.

For example:

20% in Treasury bills
25% in a three- to five-year bond
25% in a medium-term bond
30% in a longer infrastructure or conventional bond

This provides:

Different maturity dates
More frequent access to principal
Reduced dependence on one interest-rate level
Opportunities to reinvest as market conditions change

The beginner’s final checklist

Before buying, confirm:

I have an emergency fund outside the bond.
I know when I may need the money.
I have read the official prospectus.
I know the exact issue number and ISIN.
I know the remaining maturity.
I understand the coupon and yield.
I have checked the clean and dirty price.
I know the applicable tax rate.
I have checked whether the bond amortises.
I know the coupon-payment dates.
I understand what happens if I sell early.
My bank and CSD information is correct.
My broker is licensed by the CMA.
I have received written payment instructions.
I am not sending money to a personal account.

Official Links

Purpose	Official link
Open a CBK government-securities account and submit primary bids	DhowCSD Investor Portal
View CBK Treasury-bond guidance and upcoming offers	CBK Treasury Bonds
View bond results and use CBK pricing calculators	CBK Bond Results and Calculators
Download CBK government-securities and secondary-market forms	CBK Treasury Bills and Bonds Forms
Find an NSE broker or trading participant	NSE Trading Participants
Verify whether a broker or investment bank is licensed	CMA Licensees Portal
Read about government bonds traded through the NSE	NSE Government Bonds
Review bond-market statistics	NSE Bonds Statistics
Review withholding-tax guidance	KRA Withholding Tax

What changed in government securities

Everything that changed today →

Compare two money market funds

Money market funds hold the short end of this curve — Treasury bills and bonds close to maturity. Put two side by side to see how much of these yields each passes on after fees and tax.

Cite this data

Source: Serrari Group (serrarigroup.com/ke/bonds), average yield to maturity across 52 Kenya government bonds (Treasury and infrastructure): 11.92%, as of 16 October 2026.

Free to quote with this attribution. How these yields are produced: data methodology. Bulk use, API access and redistribution: terms for using Serrari data.

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Investor Guide

A Beginner’s Guide to Treasury Bonds in Kenya

Understand what Treasuries are, the language every bond investor must know, and how to buy Treasury bonds through the primary market and the secondary market.

17 min readSerrari Compliance & Strategy

What are Treasuries in the Kenyan context?

“Treasuries” are investments issued by the Government of Kenya to borrow money.

Instead of borrowing only from banks, the government borrows from:

Individual Kenyans
Companies
Pension funds
Insurance companies
Banks
Investment funds
Foreign investors

When you buy Treasury security, you are lending money to the government. The government promises to pay you a return and repay the amount owed according to the security’s terms.

The Central Bank of Kenya acts as the government’s issuing, payment and registration agent. (Central Bank of Kenya)

The two main Treasury products

Treasury bills are offered regularly, normally weekly, while Treasury bonds are generally auctioned monthly.

Product	Typical period	How the return is earned
Treasury bill	91, 182 or 364 days	Bought below face value and repaid at full face value
Treasury bond	Medium to long term, sometimes up to 30 years	Usually pays interest every six months

Simple Treasury bill and bond examples

Simple Treasury bill example

You invest approximately KES 94,000 in a Treasury bill.

At maturity, the government pays you KES 100,000.

The difference is your gross return, before applicable tax.

Simple Treasury bond example

You buy a Treasury bond with:

Face value: KES 1,000,000
Coupon rate: 12% per year
Interest paid: Every six months

Your gross interest would be:

KES 120,000 per year
KES 60,000 every six months

At maturity, the government returns the outstanding face value.

The language every bond investor must understand

Face value

This is the amount on which your coupon is calculated and the amount the government promises to redeem.

If you own KES 1 million face value, your coupons are calculated on KES 1 million—even if you paid more or less than KES 1 million to acquire it.

Coupon rate

The coupon is the interest rate written into the bond.

A 12% coupon on KES 1 million produces KES 120,000 gross interest annually.

Maturity date

This is the date on which the remaining principal is due for repayment.

Remaining maturity

This is more important than the bond’s original name.

A bond may be called a “20-year bond” because it was originally issued for 20 years. If 13 years have already passed, it only has seven years remaining.

Price

Bond prices are normally expressed per KES 100 of face value.

Price of 100 means the bond is trading at par.
Price of 95 means it trades below face value.
Price of 105 means it trades above face value.

If you buy KES 1 million face value at a clean price of 95, the base purchase price is approximately KES 950,000 before accrued interest, taxes and transaction charges.

Yield to maturity

Yield to maturity, or YTM, considers:

The coupon you will receive
The price you pay
The remaining time to maturity
The amount repaid at maturity

The coupon tells you the bond’s cash interest rate. The yield tells you more about the return available at the current purchase price.

The fundamental bond rule

When market interest rates rise, existing bond prices normally fall. When market interest rates fall, existing bond prices normally rise.

This happens because investors compare an existing bond with newly available investments.

Clean price, accrued interest and dirty price

The clean price excludes interest that has accumulated since the previous coupon date.

The dirty price is the approximate amount actually paid:

Dirty price = Clean price + Accrued interest

For reopened and secondary-market bonds, the amount paid can therefore be higher than the quoted clean price.

A CBK prospectus, shows clean price, accrued interest and dirty price separately for the reopened bonds.

Deciding Whether Treasuries Suit You

1When should you favour Treasuries?

Treasuries are particularly useful when you want:

Predictable income
Lower investment risk than ordinary shares
A place to preserve capital
Income every six months (Treasury bonds)
To match an investment to a future financial obligation
To lock in a return for several years
To diversify away from property, shares or business investments
A security that may be pledged as collateral

When should you not put money into a long-term bond?

A long bond may not be suitable when:

The money is your emergency fund.
You may need the full amount soon.
You have expensive debt that should be cleared first.
You want high long-term capital growth rather than income.
You cannot tolerate a temporary fall in market value.
Your future expenses are mainly in dollars or another foreign currency.
You do not understand the bond’s redemption or amortisation structure.

A bond can be safe from a credit perspective but still lose market value if you sell it before maturity.

Treasuries compared with other investments

A practical rule

Money needed within one year: consider cash, a money market fund or Treasury bills.
Money needed in two to five years: consider short- or medium-term bonds.
Money intended to produce long-term income: consider a bond ladder or longer bonds.
Money intended for aggressive long-term growth: bonds can be part of the portfolio, but equities and other growth assets may also be considered.

Investment	When it may be favoured	Main limitation
Cash or savings account	Immediate access is important	Usually produces a lower long-term return
Money market fund	Emergency fund or short-term goal	Return changes as market rates change
Treasury bill	Money is needed within roughly one year	Does not normally provide periodic income
Treasury bond	Predictable medium- or long-term income	Price may fall if sold early
Fixed deposit	You want a simple bank product	Early withdrawal may be restricted
Equity	You want long-term growth and can accept volatility	Dividends and prices are not guaranteed
Property	You want rental income and a physical asset	High entry cost, maintenance and lower liquidity
Corporate bond	You want a potentially higher yield	Greater issuer credit risk than government debt

Buying Through the Primary Market

1What is the primary market?

The primary market is where you buy a Treasury security directly when the Central Bank offers it for auction.

You are buying from the government through CBK rather than buying an already existing bond from another investor.

The normal process is:

1Open a CBK DhowCSD account.
2Wait for an auction announcement.
3Read the prospectus.
4Select the bond.
5Submit a bid.
6Check whether the bid succeeded.
7Pay the amount due.
8Receive the bond in your CSD account.

Step 1: Open a DhowCSD account

For government securities, the important account is the CBK Central Securities Depository account, commonly called a CSD or CDS account.

You can register through:

Open the official CBK DhowCSD portal

The DhowCSD application is also available through the official Google Play and Apple App stores.

CBK currently lists the following requirements for an individual account:

Valid email address
Active phone number
Passport-size photograph
National ID, passport or alien card
KRA PIN certificate or exemption certificate where applicable
Active commercial-bank account held in Kenya

CBK says the settlement bank ordinarily approves the account within approximately 48 working hours.

Simplified registration process

1Visit DhowCSD.
2Select Create Account.
3Enter your email, username and password.
4Select Physical Person.
5Enter your personal and contact information.
6Add your Kenyan bank-account details.
7Upload your photograph, identification and KRA PIN.
8Enter the verification token sent to your email.
9Wait for approval from your settlement bank.
10Log in and confirm your CSD account number.

The current general minimum investment is KES 50,000, with additional amounts normally made in multiples of KES 50,000. The prospectus for each security must still be checked.

Step 2: Find the bonds currently on offer

Use the official CBK pages:

Check the CBK schedule at the link below - CBK Schedule

Review the Treasury bond prospectuses - CBK Prospectus,

Decide which auction to bid in

CBK publishes a prospectus showing:

Issue number
ISIN
Original and remaining maturity
Coupon rate
Tax rate
Amount being raised
Period of sale
Bid-closing time
Auction date
Settlement date
Minimum and maximum bids
Coupon-payment dates
Redemption structure
Pricing tables
Whether the bond is new or reopened

Step 3: Read the prospectus before bidding

Do not select a bond using the coupon alone.

Check these items:

Item	Question to ask
Remaining maturity	When will my principal actually be returned?
Coupon	How much gross income will I receive?
Yield	What return am I receiving at the purchase price?
Tax	Is the coupon taxed at 15%, 10% or exempt?
Price	Am I buying below, at or above face value?
Accrued interest	Will I pay interest accumulated before my purchase?
Coupon dates	When will cash enter my bank account?
Amortisation	Will part of my principal be repaid early?
Liquidity	Is the issue actively traded?
Settlement date	When must payment reach CBK?

Step 4: Choose between non-competitive and competitive bidding

A. Non-competitive bid

With a non-competitive bid, you specify the face value you want, but you do not choose the yield.

You agree to accept the weighted-average yield determined by successful competitive bidders.

Example

You apply for KES 500,000 face value using a non-competitive bid.

After the auction:

CBK determines the accepted average yield.
That yield determines your purchase price.
The amount you pay may be above or below KES 500,000.
Accrued interest may also be added if the bond is reopened.

Current bidding limits

At the current state:

Minimum non-competitive bid: KES 50,000
Maximum non-competitive bid: KES 50 million
Additional amounts: normally in KES 50,000 multiples

These limits can change, so always read the current prospectus.

B. Competitive bid

With a competitive bid, you specify:

The face value you want
The yield you require

The July 2026 prospectus placed the minimum competitive bid at KES 2 million per CSD account per tenor.

Competitive bids are considered from lower yields upward until CBK reaches its cut-off.

A lower requested yield is more likely to be accepted, but it means paying a higher price.
A higher requested yield gives you a better return if accepted, but increases the likelihood of rejection.
At the cut-off, bids may be partially allocated.

CBK uses a multiple-price auction method in which successful competitive bidders are allocated according to their respective accepted bids.

Which should a beginner choose?

For most first-time retail investors, non-competitive bidding is the safer operational choice.

Non-competitive	Competitive
You do not choose the yield	You choose the yield
Simpler	Requires market knowledge
Suitable for most retail investors	More appropriate for informed or institutional investors
Accepts the auction average	Risk of rejection or partial allocation
Lower minimum	Current competitive minimum is much higher

Step 5: Submit your primary-market bid

Within DhowCSD:

1Go to the bidding or auction section.
2Select the bond on offer.
3Select competitive or non-competitive bidding.
4Enter the face value.
5For a competitive bid, enter the required yield.
6Review the security, amount and account carefully.
7Submit before the stated deadline.
8Save the bid confirmation.

A bid is a commitment. Do not bid for an amount you will be unable to settle.

Step 6: Check your auction results

After the auction, check:

The status of your bid
The face value allocated
The accepted yield
The amount payable
The payment key
The payment deadline

Step 7: Pay for the bond

Use the payment instructions shown in DhowCSD and the prospectus.

Your payment details will ordinarily include:

CSD account number
Payment key
Issue number
Exact amount payable
Settlement deadline

Do not simply transfer the face value. The amount payable may include:

The clean price
Accrued interest
Applicable tax adjustments
Any premium or discount

After successful settlement, the security should appear in your DhowCSD portfolio.

Method 1: Mobile Money (M-Pesa) — For amounts up to KSh 250,000

The Central Bank of Kenya (CBK) allows retail investors to settle smaller payments directly from their phones.

1Log into your account on the DhowCSD Web Portal or mobile app.
2Navigate to the Transactions tab.
3Locate your successful bid and select the option to Pay via M-Pesa.
4Enter your phone number to prompt a secure STK push notification directly on your mobile device.
5Enter your M-Pesa PIN to instantly clear the transaction.

Method 2: Bank Transfer (RTGS) — Required for amounts above KSh 250,000

For larger investments, you must authorize a Real-Time Gross Settlement (RTGS) transfer from your commercial bank.

1Log into your DhowCSD app or portal and visit the Transactions tab
2Click on the successful auction item to retrieve your unique Payment Key (Reference Number) and exact Amount Payable.
3Log into your commercial banking app (or visit a physical branch) and initiate an RTGS transfer to the Central Bank of Kenya.
4Provide the exact transfer details required by the bank:

Beneficiary Name: Your full name matching your DhowCSD profile.

Beneficiary Bank: Central Bank of Kenya.

CSD Account Number: Your unique CSD portfolio number (found under Settings > Profile Info > Accounts in DhowCSD).

Payment Reference: Input the exact Payment Key retrieved from DhowCSD.

Amount: The exact discounted amount due.

Note: If you won multiple bids in the same auction week, you must process an entirely separate RTGS transaction for each bid using its respective Payment Key.

What happens after purchase?

Once the bond is in your CSD account:

Coupons are paid to your registered bank account.
You can view your holdings through DhowCSD.
You can hold the bond until maturity.
You can sell it through the secondary market.
You may be able to pledge it as collateral.
The outstanding principal is repaid according to the redemption schedule.

Most conventional bonds pay coupons every six months. CBK also allows government securities to be pledged to regulated financial institutions, subject to the applicable process.

Buying Through the Secondary Market

1What is the secondary market?

The secondary market is where investors buy and sell Treasury bonds that have already been issued.

You are generally buying from another investor rather than directly from the government.

Kenyan Treasury bonds are listed for secondary trading through the Nairobi Securities Exchange.

Important account clarification

For Treasury bonds, your main holding account is the CBK DhowCSD account.

This is not exactly the same as the ordinary CDSC account commonly used for shares.

For a Treasury-bond trade:

The bond is registered in the CBK government-securities depository.
A licensed broker places your order through the NSE.
Your CBK CSD account is used in the trade and settlement process.

The NSE’s fixed-income rules recognise CDS accounts established either by a central depository or by the Central Bank of Kenya.

Step 1: Choose a licensed broker or investment bank

Use an NSE trading participant or another properly authorised intermediary.

Official NSE list of trading participants

Confirm the institution’s current licence before sending money. (Capital Markets Authority)

Ask the broker:

Do you trade government bonds for retail investors?
What is your minimum order?
What commission and other charges apply?
How do I link my CBK CSD account?
Where do I send settlement funds?
Will you provide clean price, dirty price and yield before execution?
Can I place a limit order?

Step 2: Complete broker onboarding and linkage

The broker may request:

National ID or passport
KRA PIN
Photograph
Proof of bank account
Address and contact details
Source-of-funds information
Your CBK CSD account number
Signed trading agreement
Broker-linkage or authorisation instructions

DhowCSD’s investor guide provides for preferred brokers, broker linkage and “earmarking,” which designates Treasury bonds for NSE trading. (Central Bank of Kenya)

For a purchase, make sure the broker knows the correct CSD account into which the bond should settle.

For a sale, you may need to earmark the security or give instructions allowing the broker to place it in the trading book.

Earmarking a security means setting aside a specific bond in your CSD account for a particular transaction—usually for sale through the secondary market.

Step 3: Identify the bond you want

Do not tell the broker only that you want “a 15-year bond.”

Specify the exact:

Issue number
ISIN
Face value
Remaining maturity
Target yield or maximum price

Use:

Click here to see the full list of NSE bonds currently trading on the secondary market.

On the same page click on the Download Daily Bond Price List link to view the daily statistics.

You may also request a list of live bids and offers from your broker.

What to compare

After reviewing all the above make the final decision of the bond you want to purchase.

Factor	Why it matters
Remaining maturity	Shows how long until principal repayment
Coupon	Determines your cash interest
Yield to maturity	Indicates return at the quoted price
Clean price	Bond price excluding accrued interest
Dirty price	Approximate settlement amount (The actual price you pay for a bond)
Tax rate	Determines your net income
Coupon date	Affects accrued interest
Amortisation	Determines whether principal returns early
Market activity	Indicates ease of buying or selling

Step 4: Ask for a live quotation

A broker’s quotation should ideally show:

Issue number and ISIN
Face value available
Coupon rate
Remaining maturity
Offered yield
Clean price
Accrued interest
Dirty price
Estimated fees
Total amount required

A previous day’s market price is a reference, not a guaranteed purchase price.

Step 5: Place a clear written order

A useful instruction could read:

Buy KES 1,000,000 face value of FXD1/2022/010 for my CBK CSD account, at a yield of not less than X% /or a dirty price not exceeding KES Y, valid until [date].

The order should be clear about whether your limit is based on:

Yield
Clean price
Dirty price

NSE fixed-income order instructions include the security code, CSD account, buy or sell direction, quantity, price or yield, and the order’s validity period.

Step 6: Fund the transaction

Follow the broker’s official settlement instructions.

Before sending money:

Confirm that the bank account belongs to the licensed institution.
Confirm the amount in writing.
Ask whether the quotation includes all fees.
Do not send investment money to an employee’s personal account or mobile number.

Step 7: Execution and settlement

The broker places the order through the NSE’s fixed-income trading system.

When the order matches:

Money is paid by the buyer.
The bond is transferred to the buyer’s CSD account.
Settlement occurs on a delivery-versus-payment basis.
The current NSE fixed-income rules provide for T+3 settlement, meaning settlement should occur within three business days after the trade.

After settlement:

1Check your DhowCSD portfolio.
2Confirm the correct issue and face value.
3Keep the contract note.
4Confirm the next coupon date.
5Confirm the total amount paid, including fees and accrued interest.

Primary Market Versus Secondary Market

1When should you favour the primary market?

The primary market may be better when:

You are comfortable with the bonds currently being offered.
You do not need a specific maturity that is absent from the auction.
You want to invest directly through CBK.
You prefer a non-competitive bid.
You want to avoid brokerage commissions.
You are willing to wait for the auction and settlement dates.

Primary-market advantages

Direct access through DhowCSD
No need to find an existing seller
Non-competitive bidding is beginner-friendly
No normal stockbroker commission when investing directly
Official prospectus provides the terms

Primary-market disadvantages

Limited to the bonds currently on offer
You do not know the final non-competitive yield beforehand
Allocation can be affected by the auction outcome
Payment deadlines are strict
Reopened issues may include substantial accrued interest
You may have to wait for the next auction

When should you favour the secondary market?

The secondary market may be better when:

There is no suitable bond in the current auction.
You want a particular maturity date.
You want an existing tax-free infrastructure bond.
You want to know the price and yield before committing.
You want to invest without waiting for the next auction.
You want to compare several bonds across the yield curve.

Secondary-market advantages

Wider choice of bonds
Ability to target a specific maturity
Ability to negotiate or limit the purchase price
Opportunity to buy between auctions
Access to existing infrastructure bonds
More control over the yield being accepted

Secondary-market disadvantages

Broker and transaction charges
Some bonds may have limited sellers
Bid-offer spreads can reduce your return
The quoted clean price is not the full amount paid
Greater need to understand yields and pricing
A trade may not execute immediately

Infrastructure bonds and reopened bonds

Infrastructure bonds

Labelled IFB

Infrastructure bonds finance specified infrastructure expenditure.

Their main attraction is that their interest is commonly tax-exempt, where this is expressly provided in the prospectus.

Reopened bonds

A reopened bond is an existing bond offered again.

It retains its existing:

Issue number
Coupon rate
Maturity date
Coupon dates
Tax treatment

Because it is partway through a coupon period, the buyer may have to pay accrued interest.

Taxation

Withholding tax on ordinary Treasury bonds

As a general framework:

General interest commonly attracts 15% withholding tax.
Interest from qualifying long-term bearer bonds of ten years and above commonly attracts 10%.
Qualifying infrastructure-bond interest is generally tax-exempt.

KRA’s published withholding-tax guidance shows 15% for general interest and 10% for interest from long-term bearer bonds of ten years and above. (Kenya Revenue Authority)

Do not calculate the tax rate from remaining maturity

A bond originally issued for ten years may now have only five years remaining but still carry the tax treatment stated in its prospectus.

For example, CBK’s July 2026 offer included a ten-year bond with only 5.8 years remaining, but the prospectus still stated 10% withholding tax.

Always use the tax rate shown in the bond’s prospectus.

Tax example

Suppose you hold KES 1 million face value with a 12% coupon.

Gross annual interest:

KES 1,000,000 × 12% = KES 120,000

Tax treatment	Tax deducted	Approximate net annual interest
15% withholding tax (Bond Tenor is less than or equal to 10yrs)	KES 18,000	KES 102,000
10% withholding tax (Bond Tenor is greater than 10yrs)	KES 12,000	KES 108,000
Tax-exempt infrastructure bond	Nil	KES 120,000

What Every Retail Investor Should Know

1A high coupon does not automatically mean a better bond

Consider:

Bond A: 14% coupon, price 110
Bond B: 12% coupon, price 92

Bond A pays more coupon income, but you are paying a substantial premium.

Bond B pays a lower coupon, but you are buying below face value.

The better comparison is after-tax yield to maturity, not coupon alone.

Face value is not the same as purchase cost

You may apply for KES 1 million face value but pay:

KES 950,000 if the bond is at a discount
KES 1 million if it is at par
KES 1.1 million if it is at a premium
Plus accrued interest in a reopening or secondary trade

Budget using the dirty price, not just the face value.

Holding to maturity is different from selling early

If you hold a conventional bond to maturity:

You continue receiving coupons.
Temporary market-price changes may not affect your contractual cash flows.
The government repays the outstanding face value according to the prospectus.

If you sell early:

You receive the prevailing market price.
You may make a gain.
You may suffer a loss.
You may have to wait for a buyer.
Fees and the bid-offer spread reduce your proceeds.

The major risks

Interest-rate risk

If market yields rise, your bond’s price normally falls.

Inflation risk

A 12% return is less valuable if the cost of living is rising rapidly.

Liquidity risk

You may not find a buyer immediately at the price you want.

Reinvestment risk

Coupons and amortised principal may have to be reinvested at lower future rates.

Sovereign risk

The bond is an obligation of the Government of Kenya. It is generally regarded as lower credit risk than private-sector debt, but sovereign risk is not literally zero.

Currency risk

A positive return in Kenyan shillings may still be negative in dollar terms if the shilling weakens significantly.

Duration risk

Long bonds are generally more sensitive to changes in interest rates than short bonds.

Operational risk

Entering the wrong CSD account, issue number, yield or payment reference can delay or invalidate a transaction.

Consider building a bond ladder

Instead of investing all your money in one 20-year bond, you could spread it across different maturities.

For example:

20% in Treasury bills
25% in a three- to five-year bond
25% in a medium-term bond
30% in a longer infrastructure or conventional bond

This provides:

Different maturity dates
More frequent access to principal
Reduced dependence on one interest-rate level
Opportunities to reinvest as market conditions change

The beginner’s final checklist

Before buying, confirm:

I have an emergency fund outside the bond.
I know when I may need the money.
I have read the official prospectus.
I know the exact issue number and ISIN.
I know the remaining maturity.
I understand the coupon and yield.
I have checked the clean and dirty price.
I know the applicable tax rate.
I have checked whether the bond amortises.
I know the coupon-payment dates.
I understand what happens if I sell early.
My bank and CSD information is correct.
My broker is licensed by the CMA.
I have received written payment instructions.
I am not sending money to a personal account.

Official Links

Purpose	Official link
Open a CBK government-securities account and submit primary bids	DhowCSD Investor Portal
View CBK Treasury-bond guidance and upcoming offers	CBK Treasury Bonds
View bond results and use CBK pricing calculators	CBK Bond Results and Calculators
Download CBK government-securities and secondary-market forms	CBK Treasury Bills and Bonds Forms
Find an NSE broker or trading participant	NSE Trading Participants
Verify whether a broker or investment bank is licensed	CMA Licensees Portal
Read about government bonds traded through the NSE	NSE Government Bonds
Review bond-market statistics	NSE Bonds Statistics
Review withholding-tax guidance	KRA Withholding Tax

																				Signals
KE6000008430	Infrastructure Bond	IFB1/2020/9YrKE6000008430 · Infrastructure Bond	12.50%	10.85%	102.91	KES 105,432	2 years 5 months	2 Apr 2029	2.45	None	—	—	—	—	—	—	39.3bn	102.91	—	Tax free
KE5000006980	Infrastructure Bond	IFB1/2017/12YrKE5000006980 · Infrastructure Bond	11.90%	12.50%	101.24	KES 123,469	2 years 4 months	12 Feb 2029	2.31	None	—	—	—	—	—	—	6.2bn	101.24	—	Coupon ≥ 12%Tax free
KE5000009877	T-Bond	FXD2/2019/10YrKE5000009877 · T-Bond	10.90%	12.30%	109.75	KES 95,262	2 years 5 months	2 Apr 2029	2.45	15%	—	—	—	—	—	—	60.7bn	109.75	—	Coupon ≥ 12%
KE7000007760	Corporate Bond	KMRC FXDKE7000007760 · Corporate Bond	10.88%	12.50%	105.29	KES 100,908	2 years 4 months	23 Feb 2029	2.34	15%	—	—	—	—	—	—	0.7bn	103.29	2.0041	Coupon ≥ 12%
KE5000009653	T-Bond	FXD1/2019/10YrKE5000009653 · T-Bond	10.75%	12.44%	103.30	KES 102,362	2 years 4 months	12 Feb 2029	2.31	15%	—	—	—	—	—	—	67.5bn	103.30	—	Coupon ≥ 12%
KE6000004876	T-Bond	FXD3/2019/10YrKE6000004876 · T-Bond	10.50%	11.52%	102.39	KES 95,634	2 years 9 months	6 Aug 2029	2.79	15%	—	—	—	—	—	—	68.7bn	102.39	—
KE1000001493	T-Bond	FXD1/2008/20YrKE1000001493 · T-Bond	10.48%	13.75%	104.08	KES 118,899	1 year 7 months	5 Jun 2028	1.62	10%	102.55	104.79	107.46	109.70	-2.24	411.0m	58.8bn	104.08	—	Coupon ≥ 12%
KE5000008762	T-Bond	FXD1/2018/10YrKE5000008762 · T-Bond	10.21%	12.69%	104.52	KES 103,200	1 year 10 months	14 Aug 2028	1.82	15%	—	—	—	—	—	—	40.6bn	104.52	—	Coupon ≥ 12%
KE5000009216	T-Bond	FXD2/2018/10YrKE5000009216 · T-Bond	10.20%	12.50%	104.38	KES 101,792	2 years 1 month	4 Dec 2028	2.12	15%	—	—	—	—	—	—	63.8bn	104.38	—	Coupon ≥ 12%
KE8000005986	T-Bond	FXD1/2023/5YrKE8000005986 · T-Bond	10.20%	16.84%	110.34	KES 129,726	1 year 9 months	10 Jul 2028	1.72	15%	—	—	—	—	—	—	144.5bn	110.34	—	Coupon ≥ 12%
KE4000003808	T-Bond	FXD2/2013/15YrKE4000003808 · T-Bond	10.12%	12.00%	103.42	KES 104,432	1 year 6 months	10 Apr 2028	1.47	10%	102.54	—	102.67	—	—	123.0m	70.9bn	103.12	0.2967	Coupon ≥ 12%
KE4000003790	T-Bond	FXD1/2013/15YrKE4000003790 · T-Bond	9.27%	11.25%	102.42	KES 98,858	1 year 4 months	7 Feb 2028	1.30	10%	—	—	—	—	—	—	71.4bn	102.42	—
KE5000003102	Corporate Bond	RPBD.BD.03/08/20-0047-13.65KE5000003102 · Corporate Bond	9.05%	—	101.52	—	1 year 9 months	24 Jul 2028	1.76	15%	—	—	—	—	—	—	0.4bn	101.52	—
KE8000005325	Infrastructure Bond	IFB1/2022/6YrKE8000005325 · Infrastructure Bond	8.50%	13.22%	107.31	KES 123,194	2 years 1 month	27 Nov 2028	2.10	None	—	—	—	—	—	—	29.5bn	107.31	—	Coupon ≥ 12%Tax free

																				Signals	Pays in	Investment needed	Payment (after tax)
KE9800007214	Corporate Bond	LINZI 003 IABS FXDKE9800007214 · Corporate Bond	17.91%	15.04%	89.70	KES 167,668	13 years 9 months	8 Jul 2040	13.71	None	—	—	—	—	—	—	44.8bn	85.41	4.2913	YTM ≥ 14%Price ≤ 100Coupon ≥ 12%Tax free	Jul & Jan	KES 1,135,771	KES 100,000 x2/yr
KE8000006430	Infrastructure Bond	IFB1/2024/8.5YrKE8000006430 · Infrastructure Bond	11.56%	18.46%	120.81	KES 152,802	5 years 10 months	9 Aug 2032	5.80	None	117.63	120.95	120.68	124.00	-3.32	636.8m	240.3bn	120.81	—	Coupon ≥ 12%Tax free	Aug & Feb	KES 1,308,884	KES 100,000 x2/yr
KE7000003546	Infrastructure Bond	IFB1/2021/18YrKE7000003546 · Infrastructure Bond	12.26%	12.67%	103.05	KES 122,950	12 years 5 months	21 Mar 2039	12.41	None	103.70	101.91	104.08	102.30	+1.79	616.5m	187.0bn	103.05	—	Coupon ≥ 12%Tax free	Mar & Sep	KES 1,626,677	KES 100,000 x2/yr
KE8000005218	Infrastructure Bond	IFB1/2022/14YrKE8000005218 · Infrastructure Bond	12.98%	13.94%	108.09	KES 128,967	10 years	27 Oct 2036	10.02	None	104.24	—	110.29	—	—	80.2m	159.5bn	108.09	—	Coupon ≥ 12%Tax free	Oct & Apr	KES 1,550,789	KES 100,000 x2/yr
KE8000006216	Infrastructure Bond	IFB1/2023/6.5YrKE8000006216 · Infrastructure Bond	11.38%	17.93%	113.33	KES 158,211	3 years 6 months	6 May 2030	3.54	None	110.42	—	118.21	—	—	20.9m	186.9bn	113.33	—	Coupon ≥ 12%Tax free	May & Nov	KES 1,264,138	KES 100,000 x2/yr
KE8000005879	Infrastructure Bond	IFB1/2023/7YrKE8000005879 · Infrastructure Bond	10.63%	15.84%	113.40	KES 139,683	3 years 8 months	10 Jun 2030	3.64	None	—	—	—	—	—	—	169.6bn	113.40	—	Coupon ≥ 12%Tax free	Jun & Dec	KES 1,431,818	KES 100,000 x2/yr

																				Signals
KE4000003089	T-Bond	FXD1/2010/25YrKE4000003089 · T-Bond	12.71%	11.25%	91.54	KES 110,607	8 years 7 months	28 May 2035	8.60	10%	—	—	—	—	—	—	20.2bn	91.54	—	Price ≤ 100
KE8000006760	T-Bond	FXD1/2026/30YrKE8000006760 · T-Bond	13.39%	12.50%	96.31	KES 116,812	29 years 5 months	13 Mar 2056	29.39	10%	—	—	—	—	—	—	49.5bn	96.24	0.0687	Price ≤ 100Coupon ≥ 12%
KE5000009984	T-Bond	FXD1/2019/20YrKE5000009984 · T-Bond	13.36%	12.87%	97.42	KES 118,898	12 years 5 months	21 Mar 2039	12.41	10%	—	—	—	—	—	—	209.8bn	97.42	—	Price ≤ 100Coupon ≥ 12%
KE6000005543	Infrastructure Bond	IFB1/2019/16YrKE6000005543 · Infrastructure Bond	12.51%	11.75%	97.32	KES 120,730	9 years	8 Oct 2035	8.96	None	—	—	—	—	—	—	185.8bn	97.26	0.0646	Price ≤ 100Tax free
KE7000002324	Infrastructure Bond	IFB1/2021/16YrKE7000002324 · Infrastructure Bond	12.29%	12.26%	97.32	KES 125,976	10 years 3 months	5 Jan 2037	10.21	None	103.37	99.84	106.33	102.80	+3.53	334.8m	81.0bn	97.32	—	Price ≤ 100Coupon ≥ 12%Tax free
KE6000001328	T-Bond	FXD3/2019/15YrKE6000001328 · T-Bond	12.32%	12.34%	98.69	KES 112,534	7 years 9 months	10 Jul 2034	7.72	10%	—	100.06	—	103.05	—	215.0m	161.1bn	98.69	—	Price ≤ 100Coupon ≥ 12%
KE4000003949	T-Bond	FXD1/2012/20YrKE4000003949 · T-Bond	13.00%	12.00%	99.85	KES 108,162	6 years	1 Nov 2032	6.03	10%	95.87	—	101.08	—	—	0.5m	210.9bn	99.85	—	Price ≤ 100Coupon ≥ 12%
KE6000001104	T-Bond	FXD2/2019/15YrKE6000001104 · T-Bond	13.00%	12.73%	100.86	KES 113,593	7 years 6 months	24 Apr 2034	7.51	10%	—	98.73	—	104.50	—	153.1m	81.6bn	100.86	—	Coupon ≥ 12%
KE5000009430	T-Bond	FXD1/2019/15YrKE5000009430 · T-Bond	12.70%	12.86%	100.68	KES 114,958	7 years 3 months	9 Jan 2034	7.22	10%	—	—	—	—	—	—	79.1bn	100.68	—	Coupon ≥ 12%
KE5000009109	Infrastructure Bond	IFB1/2018/20YrKE5000009109 · Infrastructure Bond	12.07%	11.95%	99.96	KES 119,548	12 years	25 Oct 2038	12.01	None	99.55	—	104.73	—	—	20.5m	36.8bn	99.96	—	Price ≤ 100Tax free
KE5000008325	T-Bond	FXD1/2018/20YrKE5000008325 · T-Bond	13.60%	13.20%	102.04	KES 116,425	11 years 4 months	1 Mar 2038	11.36	10%	—	97.70	—	98.86	—	400.8m	198.0bn	102.04	—	Coupon ≥ 12%
KE5000008432	T-Bond	FXD1/2018/15YrKE5000008432 · T-Bond	12.46%	12.65%	101.23	KES 112,467	6 years 7 months	9 May 2033	6.55	10%	—	—	—	—	—	—	135.2bn	101.23	—	Coupon ≥ 12%
KE6000007218	T-Bond	FXD1/2020/15YrKE6000007218 · T-Bond	12.45%	12.76%	101.52	KES 113,121	8 years 3 months	5 Feb 2035	8.29	10%	—	—	—	—	—	—	230.7bn	101.52	—	Coupon ≥ 12%
KE7000005327	Infrastructure Bond	IFB1/2021/21YrKE7000005327 · Infrastructure Bond	11.56%	12.74%	100.94	KES 126,214	15 years 10 months	18 Aug 2042	15.82	None	103.60	106.48	104.96	107.84	-2.88	219.7m	201.7bn	100.94	—	Coupon ≥ 12%Tax free
KE5000008879	T-Bond	FXD2/2018/15YrKE5000008879 · T-Bond	12.50%	12.75%	102.62	KES 111,825	6 years 11 months	3 Oct 2033	6.95	10%	—	—	—	—	—	—	33.4bn	102.30	0.3152	Coupon ≥ 12%
KE6000008430	Infrastructure Bond	IFB1/2020/9YrKE6000008430 · Infrastructure Bond	12.50%	10.85%	102.91	KES 105,432	2 years 5 months	2 Apr 2029	2.45	None	—	—	—	—	—	—	39.3bn	102.91	—	Tax free
KE5000008093	Infrastructure Bond	IFB1/2018/15YrKE5000008093 · Infrastructure Bond	12.08%	12.50%	102.53	KES 121,916	6 years 3 months	10 Jan 2033	6.22	None	101.30	101.24	104.33	104.26	+0.07	1042.3m	222.1bn	102.53	—	Coupon ≥ 12%Tax free
KE7000003546	Infrastructure Bond	IFB1/2021/18YrKE7000003546 · Infrastructure Bond	12.26%	12.67%	103.05	KES 122,950	12 years 5 months	21 Mar 2039	12.41	None	103.70	101.91	104.08	102.30	+1.79	616.5m	187.0bn	103.05	—	Coupon ≥ 12%Tax free
KE6000009545	Infrastructure Bond	IFB1/2020/11YrKE6000009545 · Infrastructure Bond	10.32%	10.90%	100.90	KES 108,028	4 years 10 months	11 Aug 2031	4.80	None	102.16	—	103.95	—	—	7.6m	40.0bn	100.90	—	Tax free
KE7000007877	Infrastructure Bond	IFB1/2022/19YrKE7000007877 · Infrastructure Bond	11.56%	12.97%	102.48	KES 126,561	14 years 3 months	28 Jan 2041	14.27	None	103.26	107.69	105.40	109.83	-4.44	195.4m	199.2bn	102.48	—	Coupon ≥ 12%Tax free

																				Signals
KE6000008430	Infrastructure Bond	IFB1/2020/9YrKE6000008430 · Infrastructure Bond	12.50%	10.85%	102.91	KES 105,432	2 years 5 months	2 Apr 2029	2.45	None	—	—	—	—	—	—	39.3bn	102.91	—	Tax free
KE5000006980	Infrastructure Bond	IFB1/2017/12YrKE5000006980 · Infrastructure Bond	11.90%	12.50%	101.24	KES 123,469	2 years 4 months	12 Feb 2029	2.31	None	—	—	—	—	—	—	6.2bn	101.24	—	Coupon ≥ 12%Tax free
KE5000009877	T-Bond	FXD2/2019/10YrKE5000009877 · T-Bond	10.90%	12.30%	109.75	KES 95,262	2 years 5 months	2 Apr 2029	2.45	15%	—	—	—	—	—	—	60.7bn	109.75	—	Coupon ≥ 12%
KE7000007760	Corporate Bond	KMRC FXDKE7000007760 · Corporate Bond	10.88%	12.50%	105.29	KES 100,908	2 years 4 months	23 Feb 2029	2.34	15%	—	—	—	—	—	—	0.7bn	103.29	2.0041	Coupon ≥ 12%
KE5000009653	T-Bond	FXD1/2019/10YrKE5000009653 · T-Bond	10.75%	12.44%	103.30	KES 102,362	2 years 4 months	12 Feb 2029	2.31	15%	—	—	—	—	—	—	67.5bn	103.30	—	Coupon ≥ 12%
KE6000004876	T-Bond	FXD3/2019/10YrKE6000004876 · T-Bond	10.50%	11.52%	102.39	KES 95,634	2 years 9 months	6 Aug 2029	2.79	15%	—	—	—	—	—	—	68.7bn	102.39	—
KE1000001493	T-Bond	FXD1/2008/20YrKE1000001493 · T-Bond	10.48%	13.75%	104.08	KES 118,899	1 year 7 months	5 Jun 2028	1.62	10%	102.55	104.79	107.46	109.70	-2.24	411.0m	58.8bn	104.08	—	Coupon ≥ 12%
KE5000008762	T-Bond	FXD1/2018/10YrKE5000008762 · T-Bond	10.21%	12.69%	104.52	KES 103,200	1 year 10 months	14 Aug 2028	1.82	15%	—	—	—	—	—	—	40.6bn	104.52	—	Coupon ≥ 12%
KE5000009216	T-Bond	FXD2/2018/10YrKE5000009216 · T-Bond	10.20%	12.50%	104.38	KES 101,792	2 years 1 month	4 Dec 2028	2.12	15%	—	—	—	—	—	—	63.8bn	104.38	—	Coupon ≥ 12%
KE8000005986	T-Bond	FXD1/2023/5YrKE8000005986 · T-Bond	10.20%	16.84%	110.34	KES 129,726	1 year 9 months	10 Jul 2028	1.72	15%	—	—	—	—	—	—	144.5bn	110.34	—	Coupon ≥ 12%
KE4000003808	T-Bond	FXD2/2013/15YrKE4000003808 · T-Bond	10.12%	12.00%	103.42	KES 104,432	1 year 6 months	10 Apr 2028	1.47	10%	102.54	—	102.67	—	—	123.0m	70.9bn	103.12	0.2967	Coupon ≥ 12%
KE4000003790	T-Bond	FXD1/2013/15YrKE4000003790 · T-Bond	9.27%	11.25%	102.42	KES 98,858	1 year 4 months	7 Feb 2028	1.30	10%	—	—	—	—	—	—	71.4bn	102.42	—
KE5000003102	Corporate Bond	RPBD.BD.03/08/20-0047-13.65KE5000003102 · Corporate Bond	9.05%	—	101.52	—	1 year 9 months	24 Jul 2028	1.76	15%	—	—	—	—	—	—	0.4bn	101.52	—
KE8000005325	Infrastructure Bond	IFB1/2022/6YrKE8000005325 · Infrastructure Bond	8.50%	13.22%	107.31	KES 123,194	2 years 1 month	27 Nov 2028	2.10	None	—	—	—	—	—	—	29.5bn	107.31	—	Coupon ≥ 12%Tax free

																				Signals	Pays in	Investment needed	Payment (after tax)
KE9800007214	Corporate Bond	LINZI 003 IABS FXDKE9800007214 · Corporate Bond	17.91%	15.04%	89.70	KES 167,668	13 years 9 months	8 Jul 2040	13.71	None	—	—	—	—	—	—	44.8bn	85.41	4.2913	YTM ≥ 14%Price ≤ 100Coupon ≥ 12%Tax free	Jul & Jan	KES 1,135,771	KES 100,000 x2/yr
KE8000006430	Infrastructure Bond	IFB1/2024/8.5YrKE8000006430 · Infrastructure Bond	11.56%	18.46%	120.81	KES 152,802	5 years 10 months	9 Aug 2032	5.80	None	117.63	120.95	120.68	124.00	-3.32	636.8m	240.3bn	120.81	—	Coupon ≥ 12%Tax free	Aug & Feb	KES 1,308,884	KES 100,000 x2/yr
KE7000003546	Infrastructure Bond	IFB1/2021/18YrKE7000003546 · Infrastructure Bond	12.26%	12.67%	103.05	KES 122,950	12 years 5 months	21 Mar 2039	12.41	None	103.70	101.91	104.08	102.30	+1.79	616.5m	187.0bn	103.05	—	Coupon ≥ 12%Tax free	Mar & Sep	KES 1,626,677	KES 100,000 x2/yr
KE8000005218	Infrastructure Bond	IFB1/2022/14YrKE8000005218 · Infrastructure Bond	12.98%	13.94%	108.09	KES 128,967	10 years	27 Oct 2036	10.02	None	104.24	—	110.29	—	—	80.2m	159.5bn	108.09	—	Coupon ≥ 12%Tax free	Oct & Apr	KES 1,550,789	KES 100,000 x2/yr
KE8000006216	Infrastructure Bond	IFB1/2023/6.5YrKE8000006216 · Infrastructure Bond	11.38%	17.93%	113.33	KES 158,211	3 years 6 months	6 May 2030	3.54	None	110.42	—	118.21	—	—	20.9m	186.9bn	113.33	—	Coupon ≥ 12%Tax free	May & Nov	KES 1,264,138	KES 100,000 x2/yr
KE8000005879	Infrastructure Bond	IFB1/2023/7YrKE8000005879 · Infrastructure Bond	10.63%	15.84%	113.40	KES 139,683	3 years 8 months	10 Jun 2030	3.64	None	—	—	—	—	—	—	169.6bn	113.40	—	Coupon ≥ 12%Tax free	Jun & Dec	KES 1,431,818	KES 100,000 x2/yr

What are Treasuries in the Kenyan context?

The two main Treasury products

Simple Treasury bill and bond examples

The language every bond investor must understand

Deciding Whether Treasuries Suit You

Treasuries compared with other investments

Buying Through the Primary Market

Step 1: Open a DhowCSD account

Step 2: Find the bonds currently on offer

Step 3: Read the prospectus before bidding

Step 4: Choose between non-competitive and competitive bidding

Which should a beginner choose?

Step 5: Submit your primary-market bid

Step 6: Check your auction results

Step 7: Pay for the bond

What happens after purchase?

Buying Through the Secondary Market

Step 1: Choose a licensed broker or investment bank

Step 2: Complete broker onboarding and linkage

Step 3: Identify the bond you want

What to compare

Step 4: Ask for a live quotation

Step 5: Place a clear written order

Step 6: Fund the transaction

Step 7: Execution and settlement

Primary Market Versus Secondary Market

Infrastructure bonds and reopened bonds

Taxation

Tax example

What Every Retail Investor Should Know

The major risks

Consider building a bond ladder

The beginner’s final checklist

Official Links

What changed in government securities

Compare two money market funds

Cite this data

From the Serrari Analyst Desk

Latest Kenya market news

Ruto Pledges KES 5 Billion More for Kenya’s Hustler Fund

What are Treasuries in the Kenyan context?

The two main Treasury products

Simple Treasury bill and bond examples

The language every bond investor must understand

Deciding Whether Treasuries Suit You

Treasuries compared with other investments

Buying Through the Primary Market

Step 1: Open a DhowCSD account

Step 2: Find the bonds currently on offer

Step 3: Read the prospectus before bidding

Step 4: Choose between non-competitive and competitive bidding

Which should a beginner choose?

Step 5: Submit your primary-market bid

Step 6: Check your auction results

Step 7: Pay for the bond

What happens after purchase?

Buying Through the Secondary Market

Step 1: Choose a licensed broker or investment bank

Step 2: Complete broker onboarding and linkage

Step 3: Identify the bond you want

What to compare

Step 4: Ask for a live quotation

Step 5: Place a clear written order

Step 6: Fund the transaction

Step 7: Execution and settlement

Primary Market Versus Secondary Market

Infrastructure bonds and reopened bonds

Taxation

Tax example

What Every Retail Investor Should Know

The major risks

Consider building a bond ladder

The beginner’s final checklist

Official Links

Kenya Treasury Bond Rates — 58 Bonds Ranked by Live YTM

Top 5 T-Bonds — Ranking Index

Find a bond

Which trades?

1. When do you want your money back?

2. Rank them by