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 12.10%
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-year10.18%
- 5-year12.01%
- 10-year13.11%
Fixed income board
Listed Treasury bonds
Settlement Thursday 22 October 2026. Bond turnover today KES 774.45M.
| Issue | Type | Maturity | Chg bp | Clean | Accrued | Tax | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| FXD1/2017/010 | Fixed coupon | 12.966% | 5 Jul 2027 | 0.70 | 8.560% | −5.7 | 102.916 | 3.841 | 0.65 | 15% | KES 226.60M |
| FXD1/2019/010 | Fixed coupon | 12.438% | 14 May 2029 | 2.56 | 10.661% | −2.0 | 103.877 | 5.442 | 2.06 | 15% | - |
| IFB1/2023/6.5 | Infrastructure | 17.933% | 20 May 2030 | 3.58 | 10.788% | −4.5 | 120.726 | 7.553 | 2.56 | Free | KES 40.93M |
| FXD1/2022/010 | Fixed coupon | 13.490% | 16 Feb 2032 | 5.32 | 12.078% | −3.8 | 105.377 | 2.456 | 3.69 | 15% | KES 23.85M |
| IFB1/2024/8.5 | Infrastructure | 18.461% | 6 Sep 2032 | 5.88 | 11.932% | +1.1 | 126.966 | 2.346 | 3.77 | Free | KES 8.55M |
| FXD1/2012/020 | Fixed coupon | 12.000% | 18 Oct 2032 | 5.99 | 12.218% | −9.3 | 99.089 | 0.132 | 4.17 | 10% | - |
| FXD1/2018/015 | Fixed coupon | 12.650% | 7 Feb 2033 | 6.30 | 12.514% | −4.9 | 100.536 | 2.612 | 4.16 | 10% | KES 57.86M |
| FXD1/2023/010 | Fixed coupon | 14.151% | 13 Jun 2033 | 6.64 | 12.505% | +2.9 | 107.240 | 5.065 | 4.13 | 15% | KES 88.03M |
| FXD1/2024/010 | Fixed coupon | 16.000% | 13 Feb 2034 | 7.31 | 12.604% | −3.3 | 115.858 | 3.043 | 4.37 | 15% | KES 205.55M |
| FXD2/2019/015 | Fixed coupon | 12.734% | 10 Jul 2034 | 7.71 | 12.805% | −5.7 | 99.609 | 3.599 | 4.66 | 10% | KES 68.41M |
| IFB1/2022/14 | Infrastructure | 13.938% | 24 Nov 2036 | 10.09 | 12.730% | −13.3 | 106.727 | 5.719 | 5.22 | Free | - |
| FXD1/2021/020 | Fixed coupon | 13.444% | 7 Jan 2041 | 14.21 | 13.454% | −4.2 | 99.886 | 3.909 | 6.04 | 10% | KES 54.66M |
| FXD1/2026/015 | Fixed coupon | 13.750% | 24 Sep 2041 | 14.92 | 13.398% | −8.4 | 102.220 | 1.063 | 6.30 | 10% | - |
| FXD1/2018/025 | Fixed coupon | 13.400% | 4 May 2043 | 16.53 | 13.645% | −11.3 | 98.392 | 6.227 | 6.13 | 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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