CBK raises Ksh100.5B in oversubscribed treasury bond auction
By Kenneth Mwenda, February 12, 2026The Central Bank of Kenya (CBK) successfully raised Ksh100.5 billion in its February 11, 2026, treasury bond auction, reopening two long-term government securities.
Investor demand far exceeded expectations, with total bids reaching Ksh213.7 billion against an advertised target of Ksh50 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 posted the results on its official X account.
The auction included the 15-year bond (issue FXD3/2019/015, ISIN KE6000001328), which has 8.4 years left until maturity on 10 July 2034, and the 25-year bond (issue FXD1/2018/025, ISIN KE5000068549), with 17.3 years remaining until 25 May 2043.
For the 15-year bond, investors submitted Ksh133.8 billion in bids, achieving a performance rate of 267.59 per cent. CBK accepted Ksh54.8 billion, comprising Ksh33.7 billion in competitive bids and Ksh21.1 billion in non-competitive bids. The bid-to-cover ratio stood at 2.44, indicating that bids covered the accepted amount more than twice over.
Accepted bids for the 15-year bond cleared at a weighted average rate of 12.1835 per cent, slightly below the market weighted average rate of 12.3876 per cent. The bond’s price was set at Ksh101.7358 per Ksh100 face value at the average yield.
Long-term bond demand strong
The 25-year bond attracted Ksh79.9 billion in bids, with a performance rate of 159.89 per cent. CBK accepted Ksh45.7 billion, split between Ksh36.0 billion in competitive and Ksh9.7 billion in non-competitive bids.
The bid-to-cover ratio for this bond was 1.75. Accepted bids cleared at a weighted average rate of 13.3621 per cent, slightly below the market weighted average of 13.4496 per cent, translating to a price of Ksh102.5321 per Ksh100 face value.
Overall, the combined bid-to-cover ratio reached 2.13, with a total accepted amount of Ksh100.5 billion. Both bonds retained their original coupon rates: 12.34 per cent for the 15-year and 13.40 per cent for the 25-year.
David Luusa, Director of Financial Markets at CBK, announced the results, noting that the funds would cover redemptions for the shorter bond and support new borrowing or net repayment needs through the longer bond.