Auction Calendar
What it does
The Auction Calendar shows upcoming and recent Kenya government bond auctions scheduled by the Central Bank of Kenya (CBK). Each entry displays the bond series, auction date, settlement date, target amount, and — once results are published — the accepted amount, cut-off yield, and weighted average yield.
The calendar is your primary reference for knowing when new bonds are being issued, what tenor is on offer, and how the last auction priced. It is updated whenever CBK publishes new auction notices or results.
When to use it
- Planning a primary market purchase — check the calendar before a CBK auction date so you can submit a competitive bid in time.
- Comparing auction cut-off yields against secondary market yields to see which is cheaper on a given day.
- Tracking how CBK is meeting its borrowing targets — a consistently under-subscribed auction can signal a shift in market sentiment.
- Identifying upcoming bond reopenings — CBK frequently reopens existing series (e.g., FXD1/2028/5) rather than issuing entirely new bonds.
Deciding whether to buy at auction or on the secondary market
The calendar shows a CBK auction for FXD1/2028/5 next Thursday, targeting KES 30 billion. The secondary market currently shows the same bond yielding 15.90%. You use the Primary Market Calculator to estimate what a 16.10% bid would cost, then compare with the secondary market dirty price — and decide the auction offers slightly better value.
Example auction entry
| Field | Value |
|---|---|
| Bond Series | FXD1/2028/5 |
| Auction Date | 21 May 2025 |
| Settlement Date | 26 May 2025 |
| Target Amount | KES 30,000,000,000 |
| Received Bids | KES 47,200,000,000 |
| Accepted Amount | KES 31,500,000,000 |
| Cut-off Yield | 16.10% |
| Weighted Average Yield | 15.97% |
| Cover Ratio | 1.57× (over-subscribed) |
Column reference
| Column | Description |
|---|---|
| Bond Series | The bond being auctioned. CBK may reopen an existing series or open a new one. |
| Auction Date | The date bids are submitted to CBK via the DhowCSD platform. |
| Settlement Date | The date funds are transferred and the bond is credited to your account (T+3 from auction date). |
| Target Amount | CBK's stated borrowing target for this auction. CBK may accept above or below this amount. |
| Cut-off Yield | The highest yield CBK accepted. All bids at or below this yield are filled; bids above are rejected. |
| Weighted Average Yield | The average yield of all accepted bids, weighted by amount. Typically slightly below the cut-off. |
| Cover Ratio | Total bids received ÷ target amount. Above 1× = over-subscribed; below 1× = under-subscribed. |
A high cover ratio (2× and above) with a cut-off yield close to the secondary market means strong demand — the market is happy with current yields. A low cover ratio with CBK accepting less than the target suggests the market wants higher yields than CBK is willing to pay. Watch these signals across consecutive auctions to gauge rate direction.
Limitations
- Auction notices are entered manually once CBK publishes them — there may be a 1–2 day lag between CBK publication and the calendar being updated.
- Results (cut-off yield, accepted amount) are added after CBK releases the official results, typically the day after the auction date.
- T-Bill auctions (91-day, 182-day, 364-day) are not included — only Treasury Bond auctions appear in the calendar.
- The calendar does not submit bids on your behalf. All auction participation must be done directly through a licensed broker or via DhowCSD.