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Funding issuanceKenyaDeveloping story

CBK opens voluntary switch into FXD4/2019/010 (Nov-2029), offering up to KSh75bn across eligible issues

On July 30, 2026 the Central Bank of Kenya opened a voluntary Treasury bond switch allowing holders of three T-bill issues (2685/091, 2646/182, 2574/364) and Treasury bond FXD1/2012/015 to exchange eligible holdings into the FXD4/2019/010 Treasury bond maturing November 12, 2029. The offer runs to August 24, 2026 with settlement on August 26.

MSA Market DeskEvent 30 July 2026Reviewed 2 min read

The desk brief

On July 30, 2026 the Central Bank of Kenya opened a voluntary Treasury bond switch allowing holders of three T-bill issues (2685/091, 2646/182, 2574/364) and Treasury bond FXD1/2012/015 to exchange eligible holdings into the FXD4/2019/010 Treasury bond maturing November 12, 2029. The offer runs to August 24, 2026 with settlement on August 26.

The switch can ease near-term domestic refinancing pressure by converting short-dated T‑bills and a 2027 bond into the November‑2029 line, but its impact depends on investor uptake and the multi-price exchange yields set by bidders. Allocation and pricing outcomes (yields and clean/dirty prices) will determine whether debt-service timing and bank liquidity are materially eased or whether significant cash redemptions remain.

CBK auction results and allocations published on August 24, 2026; settlement and portfolio updates on August 26, 2026.

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Developing story

Further independent confirmation is required.

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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
10.89%9.66%8.44%7.22%6.00%20272032203720422048Kenya 27 · May 2027 · 6.647%Kenya 28 · Feb 2028 · 7.189%Kenya 31 · Feb 2031 · 8.149%Kenya 32 · May 2032 · 8.952%Kenya 33 · Oct 2033 · 9.153%Kenya 34 Jan · Jan 2034 · 9.338%Kenya 34 Feb · Feb 2034 · 9.792%Kenya 36 · Mar 2036 · 9.944%Kenya 38 · Oct 2038 · 10.204%Kenya 39 · Feb 2039 · 10.239%Kenya 48 · Feb 2048 · 9.964%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Kenya 27May 2027100.1886.647%
  • Kenya 28Feb 2028100.0637.189%
  • Kenya 31Feb 2031104.5008.149%
  • Kenya 32May 203296.5008.952%
  • Kenya 33Oct 203394.2509.153%
  • Kenya 34 JanJan 203484.2509.338%
  • Kenya 34 FebFeb 203491.1259.792%
  • Kenya 36Mar 203697.5009.944%
  • Kenya 38Oct 203890.87510.204%
  • Kenya 39Feb 203989.81310.239%
  • Kenya 48Feb 204884.9389.964%

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