CBK Reopens 3 Bonds Offering Interest Rates of Up to 14%; How to Bid

The Central Bank of Kenya (CBK) has announced the reopening of 20 to 30-year bonds that were issued between 2011 to 2022.

In a notice dated Tuesday, August 26, CBK announced the reopening of the 20-year bond that was issued in 2018. Also reopened are the 25-year bond that was issued in 2022 and the 30-year bond that was issued in 2011.

According to the regulator, the government seeks to raise Ksh60 billion that will be used to support the implementation of the 2025/2026 budget.

For non-competitive bids, the minimum investment amount is Ksh50,000 while the maximum investment amount is Ksh50,000,000.

On the other hand, for competitive bids, the minimum investment amount is Ksh2 million per CSD account per tenor.

20 Year Bond

Issued in 2018, the bond had 12.5 years remaining to its maturity (March 2038). The bond attracts an interest rate of 13.2%.

Investors will, however, part ways with 10% of their interests as Withholding Tax.

Interested investors have to submit their bids by Wednesday, September 17, by 10 am. All payments for accepted bids have to be made by September 22, 2025.

25 Year Bond

The bond was first issued in 2022. It has 22.2 years to maturity (September 2047) and attracts an interest of 14.18%.

Similar to the 20-year bond, investors will pay a withholding tax of 10%.

Interested investors have to submit their bids by Wednesday, September 17, by 10 am. All payments for accepted bids have to be made by September 22, 2025.

30 Year Bond

The bond was first issued in 2011. It has 15.5 years to maturity (January 2041) and attracts an interest of 12%.

Similar to the 20 and 25-year bonds, investors will pay a withholding tax of 10%.

Interested investors have to submit their bids by Wednesday, September 3, by 10 am. All payments for accepted bids have to be made by September 8, 2025.

"All successful bidders should obtain the payment key and amount payable from the CBK DhowCSD Investor Portal/App under the transactions tab on Friday, 5th September 2025, for SDB1/2011/030 and FXD1/2018/020 and FXD1/2022/025 Friday, 19th September 2025.

"Defaulters may be suspended from subsequent investment in Government Securities. The Central Bank reserves the right to accept applications in full or part thereof or reject them in total without giving any reason," read the notice in part.

The reopening of the 3 bonds comes days after the government raised Ksh179 billion on a tap sale of the reopened infrastructure bond that was tax-free.

Read more on the bonds and the interest payment dates here.

How to Bid

Open a DhowCSD Account

To start, go to either the Google Play Store or the Apple App Store and download the CBK's DhowCSD account.  After downloading the app, you will then be required to register using an active email address. Upon completing the registration process, the account will be active for use within 48 hours.

Invest in the Bond

The initial phase of this step involves a thorough review of the Prospectus for the reopened bonds on offer. Choose a Bond to invest in and make your bid through DhowCSD.