Fixed income
Bonds and bills
Government securities priced off a fitted yield curve, with the arithmetic of price, yield, duration and tax laid out for every listed issue.
91-day Treasury bill
7.979%
+5.7 bp on the week, auction of 22 Oct
182-day Treasury bill
8.377%
+5.5 bp on the week, auction of 22 Oct
364-day Treasury bill
9.080%
+5.2 bp on the week, auction of 22 Oct
Listed bonds
14
KES 647.8B outstanding, average yield 12.13%
Term structure
Government yield curve
Fitted yields by maturity, with each listed bond plotted at its own yield.
- A year ago
- A month ago
- Latest session
- Listed bonds
Benchmarks
Benchmark yields over 12 months
Fitted 2, 5 and 10-year yields at the close of each session.
- 2-year10.22%
- 5-year12.03%
- 10-year13.13%
Fixed income board
Listed Treasury bonds
Settlement Friday 23 October 2026. Bond turnover today KES 1.00B.
| Issue | Type | Maturity | Chg bp | Clean | Accrued | Tax | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| FXD1/2017/010 | Fixed coupon | 12.966% | 5 Jul 2027 | 0.70 | 8.641% | +8.1 | 102.850 | 3.876 | 0.64 | 15% | - |
| FXD1/2019/010 | Fixed coupon | 12.438% | 14 May 2029 | 2.56 | 10.660% | −0.1 | 103.876 | 5.475 | 2.05 | 15% | KES 63.05M |
| IFB1/2023/6.5 | Infrastructure | 17.933% | 20 May 2030 | 3.57 | 10.786% | −0.2 | 120.721 | 7.602 | 2.56 | Free | KES 16.30M |
| FXD1/2022/010 | Fixed coupon | 13.490% | 16 Feb 2032 | 5.32 | 12.115% | +3.6 | 105.231 | 2.493 | 3.69 | 15% | KES 207.26M |
| IFB1/2024/8.5 | Infrastructure | 18.461% | 6 Sep 2032 | 5.87 | 11.888% | −4.4 | 127.169 | 2.397 | 3.77 | Free | KES 443.74M |
| FXD1/2012/020 | Fixed coupon | 12.000% | 18 Oct 2032 | 5.99 | 12.281% | +6.3 | 98.828 | 0.165 | 4.16 | 10% | - |
| FXD1/2018/015 | Fixed coupon | 12.650% | 7 Feb 2033 | 6.29 | 12.534% | +2.0 | 100.449 | 2.647 | 4.15 | 10% | KES 122.32M |
| FXD1/2023/010 | Fixed coupon | 14.151% | 13 Jun 2033 | 6.64 | 12.483% | −2.2 | 107.340 | 5.104 | 4.13 | 15% | - |
| FXD1/2024/010 | Fixed coupon | 16.000% | 13 Feb 2034 | 7.31 | 12.580% | −2.4 | 115.981 | 3.087 | 4.37 | 15% | - |
| FXD2/2019/015 | Fixed coupon | 12.734% | 10 Jul 2034 | 7.71 | 12.862% | +5.7 | 99.336 | 3.633 | 4.65 | 10% | KES 26.31M |
| IFB1/2022/14 | Infrastructure | 13.938% | 24 Nov 2036 | 10.09 | 12.805% | +7.5 | 106.290 | 5.757 | 5.21 | Free | - |
| FXD1/2021/020 | Fixed coupon | 13.444% | 7 Jan 2041 | 14.21 | 13.550% | +9.6 | 99.289 | 3.946 | 6.01 | 10% | KES 122.84M |
| FXD1/2026/015 | Fixed coupon | 13.750% | 24 Sep 2041 | 14.92 | 13.467% | +6.9 | 101.773 | 1.101 | 6.28 | 10% | - |
| FXD1/2018/025 | Fixed coupon | 13.400% | 4 May 2043 | 16.53 | 13.711% | +6.6 | 97.973 | 6.263 | 6.11 | 10% | - |
Prices per 100 of face value. Rising yields mean falling prices, so a positive change in basis points is shown as a loss.
Arithmetic
Bond calculator
Price a bond from its yield, or find the yield from a price, with duration, convexity and tax.
Coupons are paid twice a year. Interest on Treasury bonds is taxed at 15 percent, or 10 percent for bonds issued with ten or more years to run. Infrastructure bonds are tax free.
- Clean price per 100
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- Accrued interest per 100
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- Dirty price per 100
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- Settlement amount
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- Annual coupon, gross
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- Annual coupon after tax
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- After-tax yield
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- Macaulay duration
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- Modified duration
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- Convexity
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- Price change if yields rise 1 point
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