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Funding issuanceKenyaDeveloping story

Kenya switch auction 7 Oct 2026 undersubscribed; FXD1/2018/015 clears at 12.611%

On 7 October 2026 the Central Bank of Kenya's switch auction for FXD1/2018/015 was 91% subscribed: bids of KES 9.1bn against a KES 10.0bn offer, with KES 9.0bn accepted. The destination bond cleared at a market yield of 12.611% (coupon 12.65%), signalling weaker domestic demand for long-dated KES paper.

MSA Market DeskEvent 7 October 2026Reviewed 2 min read

The desk brief

On 7 October 2026 the Central Bank of Kenya's switch auction for FXD1/2018/015 was 91% subscribed: bids of KES 9.1bn against a KES 10.0bn offer, with KES 9.0bn accepted. The destination bond cleared at a market yield of 12.611% (coupon 12.65%), signalling weaker domestic demand for long-dated KES paper.

Lower bid coverage (91% subscribed) at a switch auction for a long-dated 6.6‑year KES bond implies investors showed relatively weak appetite for re‑taking into KES duration. That can lift the refinancing premium required on new/long-dated shilling paper, potentially steepening or pressuring Kenya's long end versus shorter tenors and peer sovereign curves, conditional on global rates and local liquidity.

Watch subsequent CBK treasury-bond results and the October funding calendar for re-openings and auction demand metrics.

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Developing story

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Price Discovery

Kenya sovereign curve

Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.

11 priced bonds
10.61%9.46%8.32%7.18%6.04%20272032203720422048Kenya 27 · May 2027 · 6.640%Kenya 28 · Feb 2028 · 7.087%Kenya 31 · Feb 2031 · 8.014%Kenya 32 · May 2032 · 8.850%Kenya 33 · Oct 2033 · 9.011%Kenya 34 Jan · Jan 2034 · 9.209%Kenya 34 Feb · Feb 2034 · 9.566%Kenya 36 · Mar 2036 · 9.763%Kenya 38 · Oct 2038 · 10.001%Kenya 39 · Feb 2039 · 9.988%Kenya 48 · Feb 2048 · 9.796%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Kenya 27May 2027100.1886.640%
  • Kenya 28Feb 2028100.1887.087%
  • Kenya 31Feb 2031104.8758.014%
  • Kenya 32May 203296.8758.850%
  • Kenya 33Oct 203394.8759.011%
  • Kenya 34 JanJan 203484.8759.209%
  • Kenya 34 FebFeb 203492.1259.566%
  • Kenya 36Mar 203698.5009.763%
  • Kenya 38Oct 203892.12510.001%
  • Kenya 39Feb 203991.3759.988%
  • Kenya 48Feb 204886.2509.796%

Indicative levels only. Full bid/ask context and trading actions remain inside MSA Trader.

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