CBK DhowCSD Sovereign Desk0% IFB vs 10%/15% FXD/T-Bill WHT
CBK Treasury Auction & Sovereign Yield Curve Tracker
Track Kenyan 91/182/364-day T-Bills, FXD bonds, and tax-free Infrastructure Bonds with after-tax Fisher real yields.
Highest Net After-WHT Tenor
16-Year Infrastructure Bond (IFB) (14.95%)
Annual net coupon: KES 747,500
10Y – 91D Term Spread
+180 bps
Curve shape: Normal Upward Sloping
SACCO Statutory Liquidity Ladder
Real Return: +9.89% p.a.
Kenyan Sovereign Yield Curve & Auction Subscription Matrix
| Tenor / Security | Gross Cut-Off | WHT | Net Yield | Fisher Real Yield | Auction Sub % | Annual Net Income |
|---|---|---|---|---|---|---|
| 91-Day CBK T-BillT-Bill | 13.85% | 15% | 11.77% | +6.85% | 168% | KES 588,500 |
| 182-Day CBK T-BillT-Bill | 14.10% | 15% | 11.99% | +7.07% | 112% | KES 599,500 |
| 364-Day CBK T-BillT-Bill | 14.75% | 15% | 12.54% | +7.59% | 142% | KES 627,000 |
| 2-Year Treasury Bond (FXD)FXD-Bond | 15.10% | 15% | 12.84% | +7.88% | 124% | KES 642,000 |
| 5-Year Treasury Bond (FXD)FXD-Bond | 15.45% | 15% | 13.13% | +8.15% | 118% | KES 656,500 |
| 8.5-Year Infrastructure Bond (IFB)IFB-Infrastructure | 14.60% | 0% | 14.60% | +9.56% | 215% | KES 730,000 |
| 10-Year Treasury Bond (FXD)FXD-Bond | 15.65% | 10% | 14.09% | +9.07% | 109% | KES 704,500 |
| 16-Year Infrastructure Bond (IFB)IFB-Infrastructure | 14.95% | 0% | 14.95% | +9.89% | 194% | KES 747,500 |