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The Central Bank of Kenya’s latest Treasury bond switch raised only KSh 3.79 billion against a KSh 10 billion target, a performance rate of 37.86%. Results published by CBK for the switch into FXD4/2019/010, dated 11 November 2026 for settlement purposes and signed by the Director of Financial Markets on 9 November 2026, show every bid received was accepted.
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What the CBK bond switch results show
According to the official CBK results PDF, the destination bond was FXD4/2019/010 (ISIN KE6000005659), a ten-year issue with about three years left to maturity and a coupon of 12.28%. It falls due on 12 November 2029.
- Offered: KSh 10,000.00 million
- Bids received at cost: KSh 3,785.79 million
- Performance rate: 37.86%
- Amount accepted: KSh 3,785.79 million (competitive KSh 843.26 million; non-competitive KSh 2,942.53 million)
- Bid-to-cover ratio: 1.00
- Weighted average rate of accepted bids: 11.2400%
- Price per KSh 100 at average yield: 108.5646
The CBK bond switch lets holders of named maturing or short-dated government securities exchange them for the longer FXD4/2019/010 paper instead of taking cash at maturity.
Which securities investors switched from
CBK said the total amount switched was KSh 3,891.05 million. The bulk came from Treasury bill 2696/091 (KSh 3,072.25 million). Investors also switched FXD1/2023/005 (KSh 785.25 million), bill 2585/364 (KSh 33.30 million) and a small KSh 0.25 million from bill 2657/182.
Those source lines match the November switch prospectus CBK had advertised for the window that closed on 9 November 2026. Our earlier note on the KSh10bn switch offer set out the terms before the auction.
What the soft CBK bond switch means next
A 37.86% take-up is well below the KSh 10 billion CBK sought. The result sheet does not explain why bids were light. It does say details of further Treasury bond issues for November 2026 will appear in the relevant prospectuses before each issue date. Investors watching the debt calendar should check the CBK Treasury bonds page for the next prospectus rather than assume another switch on the same terms.
For secondary-market exits before maturity, see our guide on how to sell Treasury bonds before maturity in Kenya.
Frequently asked questions
How much did the CBK bond switch raise?
CBK accepted KSh 3.79 billion of bids against a KSh 10 billion offer, a 37.86% performance rate.
What bond did investors switch into?
FXD4/2019/010, a 12.28% coupon bond due 12 November 2029, with about three years left to maturity.
Is another switch already scheduled?
The results notice only says forthcoming November 2026 bond features will be in the next prospectuses. No second switch is named in that PDF.
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