Investors turned out in large numbers for the Central Bank of Kenya’s (CBK) Treasury bond auction on February 11, 2026, pushing total bids to more than four times the government’s initial target.
CBK had sought to raise Ksh50 billion through the reopening of two long-term bonds but received bids worth Ksh213.7 billion. Following the strong demand, the bank accepted Ksh 100.5 billion.
“Results for Reopened Fifteen- and Twenty-Five-Year Treasury Bonds Issue Nos. FXD3/2019/015 and FXD1/2018/025 Dated 16/02/2026,” CBK said on Thursday.
The 15-year bond, issue FXD3/2019/015 (ISIN KE6000001328), which matures on July 10, 2034, attracted Ksh 133.8 billion in bids. CBK accepted Ksh54.8 billion from this paper, with Ksh 33.7 billion coming from competitive bids and Ksh 21.1 billion from non-competitive bids. The bond recorded a bid-to-cover ratio of 2.44.
Successful bids cleared at a weighted average rate of 12.1835 per cent, slightly below the market weighted average of 12.3876 per cent. The price was set at Ksh 101.7358 per Ksh100 face value. The bond continues to carry a coupon rate of 12.34 per cent.
The 25-year bond, issue FXD1/2018/025 (ISIN KE5000068549), which matures on May 25, 2043, received Ksh 79.9 billion in bids. CBK accepted Ksh 45.7 billion, comprising Ksh 36.0 billion from competitive bids and Ksh 9.7 billion from non-competitive bids. The bid-to-cover ratio stood at 1.75.
Accepted bids for the 25-year paper cleared at a weighted average rate of 13.3621 per cent compared to the market average of 13.4496 per cent. The bond was priced at Ksh102.5321 per Ksh100 face value and retains its coupon rate of 13.40 per cent.
In total, the two bonds posted a combined bid-to-cover ratio of 2.13, highlighting strong investor interest in long-term government securities.
David Luusa, Director of Financial Markets at CBK, said the money raised will help cover upcoming redemptions on shorter-term debt and support the government’s broader borrowing and repayment plans.
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