Kenya Raises KSh 47.11 Billion in December Bond Reopening as Investors Favor Long-Term FXD

Kenya’s December bond auction shows strong investor appetite for long-term securities as the Central Bank raises more than expected.


The Central Bank of Kenya raised KSh 47.11 billion in December after reopening the 30-year Savings Development Bond (SDB) and 25-year Fixed Coupon Bond (FXD). The auction attracted KSh 53.13 billion in bids against a KSh 40 billion target, resulting in KSh 21.91 billion in net new borrowing.

Demand was heavily concentrated in the 25-year FXD1/2021/025, which received KSh 48.54 billion in bids and secured KSh 43.21 billion at an average yield of 13.6199 percent. Pension funds and insurers continued to drive interest as they position ahead of major maturities expected in early 2026.

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The 30-year SDB1/2011/030 again saw weak interest, taking in KSh 4.59 billion in bids and accepting KSh 3.90 billion at 13.3247 percent—its second poor performance in two months due to low liquidity and weaker pricing clarity. With over KSh 585 billion already accepted this fiscal year, attention now turns to how issuance adjusts in the second half as refinancing pressures build.