Kenya Government Bonds
Fixed Rate Bonds (FXD) & Infrastructure Finance Bonds (IFB) issued by the Central Bank of Kenya. Real-time yield data, maturity schedules, and after-tax return analysis.
Best Net Yield
18.46%
IFB1/2024 (WHT-free)
Active Bonds
6
3 IFB · 3 FXD
Min Investment
KES 50K
FXD via CBK DhowCSD
IFB Tax Rate
0%
WHT exempt by law
Kenya Yield Curve
Gross vs Net Yield — After WHT
IFB bonds (0% WHT) have identical gross & net yields. FXD bonds lose 15% of coupon to WHT.
Bond Registry
| Bond | Type | Coupon | Net Yield | WHT | Tenor | Maturity | Min. Investment | Action |
|---|---|---|---|---|---|---|---|---|
IFB1/2024 KE1000002842 | IFB | 18.46% | 18.46% | 0% | 10yr | 2034-03-15 | KES 100,000 | |
IFB2/2023 KE1000002719 | IFB | 17.20% | 17.20% | 0% | 10yr | 2033-06-15 | KES 100,000 | |
IFB3/2022 KE1000002601 | IFB | 13.94% | 13.94% | 0% | 10yr | 2032-09-15 | KES 100,000 | |
FXD1/2024 KE1000002854 | FXD | 16.00% | 13.60% | 15% | 5yr | 2029-03-15 | KES 50,000 | |
FXD2/2023 KE1000002733 | FXD | 15.50% | 13.18% | 15% | 7yr | 2030-09-15 | KES 50,000 | |
FXD1/2022 15yr KE1000002588 | FXD | 13.92% | 11.83% | 15% | 15yr | 2037-02-15 | KES 50,000 |
Bond Deep Dive
IFB1/2024 WHT-Free12-Month Price History
12-Month Yield Trend
Bond Metrics
Highlights
10-year infrastructure bond issued to fund roads, energy & water projects. WHT-exempt under the IFB programme.
Government Bond Maturity Schedule (KES Bn)
Source: CBK Debt Management. Figures represent total domestic bond maturities per year.
AI Market Insights
IFB Yield Premium
IFBs currently yield 4.86% more than equivalent FXD bonds on a net basis. This premium is structurally driven by WHT exemption and is likely to persist.
Rate Trajectory
With CBR at 13%, bond yields face downward pressure. Locking in today's 18%+ IFB rates may prove advantageous as the cycle turns.
Portfolio Strategy
A barbell approach (IFBs for yield + short T-Bills for liquidity) maximises risk-adjusted return. Avoid mid-tenor FXDs at current spread compression.
Reinvestment Risk
Long-tenor bonds (15yr) face reinvestment risk if rates fall. Semi-annual coupons reinvested at lower rates reduce effective yield vs stated coupon.
Withholding Tax Reference Guide
| Instrument | WHT Rate | Gross→Net (16%) | Key Note |
|---|---|---|---|
| IFB (Infrastructure Bond) | 0% | 16.00% | Fully WHT-exempt by statute |
| T-Bills (91/182/364d) | 15% | 13.60% | Discount treated as interest |
| FXD Treasury Bonds | 15% | 13.60% | WHT deducted at coupon payment |
| Money Market Funds | 15% | 13.60% | WHT on interest distributed |
| Fixed Deposits | 15% | 13.60% | Bank deducts at interest payment |
| NSE Dividends | 5% | 15.20% | Lower WHT for equity dividends |
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