Kenya’s Sept 21 reopenings oversubscribed; government accepted KES 50bn at higher yields

On 21 September 2026 Kenya reopened two long-dated treasury bonds (FXD1/2019/020 and FXD1/2026/030). Total bids reached KES 81bn against a KES 60bn offer (136% subscription); the government accepted KES 50bn. Accepted weighted average yields were 13.6105% (20-year) and 14.2355% (30-year).

Strong domestic demand absorbed a larger share of the planned issuance, reducing immediate external financing needs by shifting funding onto local investors. However, accepted yields exceeded coupon levels and were elevated versus prior averages, implying higher future interest-costs for the fiscal account and pressuring longer-dated KES curve servicing costs unless offset by lower future issuance or external concessional inflows.

CBK prospectus and the October treasury bond auction details (prospectus and offer size) due before next issuance.