Updated 12 November 2026
The Central Bank of Kenya is inviting bids for November 2026 Treasury bonds worth KSh 50 billion, in a reopening of two existing issues: the 15-year bond FXD1/2019/015 and the 30-year bond SDB1/2011/030. The period of sale runs from 10 November to 18 November 2026. Bids must be in by 10.00am on 18 November, which is also the auction date. Settlement is on 23 November 2026. You need an active DhowCSD account to bid.
All terms below are taken from the official prospectus for the reopened 15- and 30-year fixed-coupon Treasury bonds, issued by the Central Bank of Kenya as fiscal agent for the Republic of Kenya and checked on 12 November 2026. This is not investment advice. Read the prospectus and confirm any figure with the Central Bank or your CDS agent before you bid.
On this page
In this guide
What is on offer
Both bonds already exist and are being reopened, so you are buying more of an outstanding issue rather than a brand-new stock. The prospectus gives the remaining life, coupon, tax and maturity as follows.
| Term | FXD1/2019/015 | SDB1/2011/030 |
|---|---|---|
| Stated tenor | Fifteen years (7.3 years left to maturity) | Thirty years (14.3 years left to maturity) |
| ISIN | KE5000009430 | KE2000002135 |
| Coupon rate | 12.8570% | 12.0000% |
| Withholding tax | 10% | 10% |
| Maturity date | 9 January 2034 | 21 January 2041 |
The offer size is KSh 50 billion in total, for budgetary support. The issuance method is a multi-price bid auction. The Central Bank may reopen the bonds again later. They will be listed on the Nairobi Securities Exchange, and they qualify for the statutory liquidity ratio that the Banking Act requires of commercial banks and non-bank financial institutions.
This sale is not the same as the earlier November reopen that closed on 4 November, which we covered in the 4 November Treasury bond offer. That notice described coupons of up to 12.5%. The coupons and issue numbers in this prospectus are the ones in the table above. If you already bid in the earlier auction, this is a separate invitation.
Dates and amounts for the November 2026 Treasury bonds
Mark these dates from the prospectus. The period of sale is 10 November 2026 to 18 November 2026. The bid submission deadline is 18 November 2026, by 10.00am. The auction is the same day. Successful bidders are told to collect a payment key and the amount payable from the CBK DhowCSD Investor Portal or app, under the transactions tab, on Friday 20 November 2026. Settlement is on Monday 23 November 2026, which is also when secondary trading may begin, in multiples of KSh 50,000.
There are two ways to bid, and the minimums differ.
- A non-competitive bid can be as small as KSh 50,000 and as large as KSh 50,000,000.
- A competitive bid must be at least KSh 2 million per CSD account, per tenor.
Only investors with an active DhowCSD account are eligible. If you do not yet have one, the account-opening steps are the same process described in our guide on how to buy Treasury bills in Kenya. For a comparison of bills, bonds and infrastructure bonds as products, see Treasury bills versus bonds in Kenya.
Because this is a multi-price auction, competitive bids can be accepted at different prices. The Central Bank reserves the right to allocate the bonds in full or on a pro-rata basis, and to accept applications in full or in part, or to reject them, without giving a reason. Do not treat a submitted bid as an automatic allotment.
How to bid for the November 2026 Treasury bonds on DhowCSD
The prospectus itself does not walk through every screen in the app. In practice, you bid from the CBK DhowCSD Investor Portal or the mobile app once your account is active. If you use a commercial bank, investment bank or stockbroker as an agent, they can submit the bid for you. The Central Bank also lists its Financial Markets Department on 2860000, its branches in Mombasa, Kisumu and Eldoret, and currency centres in Nyeri, Meru, Kisii and Nakuru, plus the email NDO@centralbank.go.ke, for enquiries.
Before you submit, decide whether you are bidding competitively or non-competitively, which of the two tenors you want (you may bid for both, subject to the minimums on each CSD account), and that you can pay on 20 November if you are successful. Keep a record of the bid you send. If the Central Bank prorates the issue, the amount you are asked to pay may be smaller than the amount you bid.
Payment, settlement and later trading
On Friday 20 November 2026, successful bidders for the November 2026 Treasury bonds should obtain the payment key and the amount payable from the DhowCSD Investor Portal or app, under the transactions tab, for both FXD1/2019/015 and SDB1/2011/030. Pay the amount shown there, not an amount you estimate from the face value alone, because the price depends on the accepted yield.
Settlement is on 23 November 2026. Secondary trading in multiples of KSh 50,000 starts on the same Monday. The prospectus says investors can pledge government securities as collateral for loans from regulated financial institutions. A pledge that is not cancelled at least five days before the securities mature will result in the securities settling automatically to the lender’s account.
The Central Bank will rediscount bonds only as a last resort, at 3% above the prevailing market yield or the coupon rate, whichever is higher. Rediscount instructions are sent from the DhowCSD investor portal or app, under the Instructions tab, by selecting Create new and then the Rediscount option. That is a costly exit, not a routine way to sell. If you may need to sell before maturity in the ordinary secondary market, read our guide on selling Treasury bonds before maturity.
Prices, tax and other conditions
Interest is paid on the coupon dates listed in the prospectus. For FXD1/2019/015 the remaining coupon dates run from 18 January 2027 through to maturity on 9 January 2034. For SDB1/2011/030 they run from 8 February 2027 through to 21 January 2041. Coupon income on these issues is subject to 10% withholding tax, as the prospectus states.
The prospectus includes pricing tables that convert a yield to a clean price for each of the November 2026 Treasury bonds. Those tables are the official reference if you are placing a competitive bid and want to see the clean price that goes with a given yield. They are not a forecast of the auction outcome.
To illustrate how the table works, without predicting the result: the prospectus lists a clean price of 99.8746 for FXD1/2019/015 at a yield of 12.8750%, and 99.3035 at a yield of 13.0000%. For SDB1/2011/030, it lists 99.9573 at a yield of 12.0000% and 96.6696 at 12.5000%. If you bid competitively, use the official table or the Central Bank’s own calculator rather than interpolating by eye.
A competitive bid is a yield, and the implied price, that you are willing to accept. A non-competitive bid accepts the weighted average price that emerges from the auction, within the minimum and maximum amounts above. In either case, the amount you actually pay on 20 November is the amount the portal shows after allocation.
The first coupon dates after settlement are 18 January 2027 for FXD1/2019/015 and 8 February 2027 for SDB1/2011/030. Later dates are listed in the prospectus through each bond’s maturity. Because these are reopenings, you are buying a bond that has already been paying coupons for years; the remaining life is 7.3 years and 14.3 years, not a fresh 15- or 30-year term.
Frequently asked questions
When do bids close for the November 2026 Treasury bonds?
At 10.00am on 18 November 2026, which is also the auction date, according to the prospectus.
What is the smallest non-competitive bid?
KSh 50,000. The maximum non-competitive bid is KSh 50,000,000. A competitive bid must be at least KSh 2 million per CSD account per tenor.
Do I need a DhowCSD account to buy the November 2026 Treasury bonds?
Yes. The prospectus says only investors with an active DhowCSD account are eligible.
When do I pay if my bid is accepted?
Collect the payment key and amount payable from the DhowCSD portal or app on Friday 20 November 2026. Settlement is on 23 November 2026.
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