Ranking Index (45–70 scale) based on risk, YTM, and price. Higher scores reflect a combination of yield, price, and risk factors.
Buy via DhowCSD (CBK)
DhowCSD is the CBK app for buying Treasury bills and bonds directly. Minimum investment: KES 50,000. See how to get started below.
High yield + low price is the sweet spot (top-left).
Low yield + high price is least attractive (bottom-right).
Withholding tax on coupons:
15% (original tenor under 10 years) (as of March 2026)
10% (10 years and above) (as of March 2026)
Infrastructure bonds: tax-exempt (as of March 2026, subject to legislative change). Tax treatment may change. Verify current rates with KRA.
A 12% bond gives you 10.8% after 10% tax or 10.2% after 15% tax. Infrastructure bonds pay the full 12% because they are tax-free.
Government curve is steep: ~3.5% spread between short and long maturities.
Infrastructure bonds price above government at most maturities (tax advantage included).
If YTM > coupon, the bond is below par (discount).
If YTM < coupon, the bond is above par (premium).
Each point represents a bond. Score combines yield, price, and risk metrics.
Sort by any column.
Ranking score (45–70) reflects risk, YTM, and price.
| Bond Name ↕ | Type ↕ | Risk ↕ | Coupon Rate (Interest Rate) ↕ | YTM ↕ | Price ↕ | Ranking ↓ | Maturity ↕ | Min (CDS) ↕ |
|---|
Estimate total return: coupons + price change − tax.
Tax: 15% (<10yr), 10% (≥10yr), Infrastructure: 0% (as of March 2026).
What will this bond earn me?
Select a bond to see your estimated return
Build a portfolio of bonds that pays you every month. Each bond pays coupons twice a year — combine six bonds with different payout months for 12 annual payments.
Monthly Income from Bonds
Enter your target and we'll suggest a portfolio
Bonds are loans to an issuer (government, infrastructure, or corporate). You receive regular payments (coupons) and get your principal back at maturity.
You earn regular coupon payments
Bonds pay interest every 6 months (semi-annually). A 12% coupon on KES 100,000 face value pays you KES 6,000 every six months until maturity.
Bond price vs repayment value
Bonds can be bought and sold in the secondary market. The bond will repay KES 100 at maturity. If the bond price is KES 96, you pay less than KES 100 and gain when it matures. If the price is above KES 100, you pay more than it will repay, which may reduce your overall return.
Government bonds are typically the lowest credit risk in Kenya
Infrastructure and corporate bonds carry slightly more risk but compensate with higher yields.
Typical maturities: 2–25 years
Longer maturities generally pay higher yields (the term premium). But you can sell before maturity on the secondary market — you're not locked in.
How to buy via DhowCSD
Download DhowCSD, open a CDS account, then invest in weekly auctions.
Non-competitive bids follow the market rate. Minimum: KES 50,000.
Tax treatment matters
Withholding tax on bond interest is tiered: 15% for bonds with original tenor under 10 years, 10% for 10-year tenor and above (as of March 2026). Infrastructure bond coupons are tax-exempt (as of March 2026, subject to legislative change), raising net yield.
A 45–70 score ranking each bond by overall attractiveness.
Inputs: Risk, YTM, Price.
Serrari Risk Index
Issuer risk signal (government / infrastructure / corporate).
Yield to Maturity
Total annualised return if held to maturity. Higher scores reflect a combination of yield, price, and risk factors.
Current Market Price
Current Market Price: The price the bond is trading at now. If the price is below KES 100, it may offer more potential gain at maturity, which increases the score.
DhowCSD is the CBK app for buying government securities directly. Treasury Bills (3–12 months) and Treasury Bonds (1–30 years).
Download the DhowCSD App
Search "DhowCSD" on Google Play or the App Store and install it.
Create Your CDS Account
CDS (Central Depository System) is your government bond wallet. You only do this once. Inside the app:
- Upload your ID photo and selfie
- Add your KRA PIN and bank details
- Set your M-Pesa number
Choose an Auction
Weekly auctions for T-bills and bonds. Choose an offer and tap "Invest".
Bid & Pay via M-Pesa
Choose your amount (minimum KES 50,000, multiples of 50K). Select Non-competitive bid: you accept the auction rate. Pay via M-Pesa Paybill 200222.
What you need: Kenyan ID or Passport, Kenyan phone number, M-Pesa account, KRA PIN. Bank account recommended but optional.
How You Earn Money
Treasury Bills (short-term)
You buy at a discount and receive full face value at maturity. The difference is your profit.
Treasury Bonds (long-term)
You receive coupon interest every 6 months, plus your principal back at maturity.
Tip: Start with a 91-day T-bill to learn the process, then move to bonds.
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.
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).
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.
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.
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 government 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 government bonds.
They serve different purposes. MMFs offer daily liquidity and are ideal for emergency funds or short-term savings (current average ~9.4%). Bonds lock your money for longer but typically pay higher yields (10–18%) and provide predictable income through fixed coupon payments. Many investors use both: MMFs for accessible cash, bonds for longer-term income.
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.
