Bond Comparator
What it does
The Bond Comparator lets you select up to four Kenya Treasury Bonds and view their key metrics side by side in a single table. Rather than opening each bond detail page individually, you get a structured view of coupon rates, yields, maturities, durations, and prices — all on one screen — so you can make informed allocation decisions quickly.
When to use it
- Choosing between multiple bonds at an auction — compare yields and durations before submitting your bid.
- Deciding where to reinvest a maturing bond — line up the candidates and compare risk vs. return.
- Building a ladder — verify that the selected bonds give you evenly spaced maturity dates.
- Comparing IFB (tax-exempt) vs. FXD (taxable) bonds — the pre-tax yield comparison tells you when the IFB is genuinely better after tax.
Choosing between four bonds for a KES 2M investment
You have KES 2,000,000 to invest and are comparing four bonds across different maturities. You want high yield but also want some liquidity — so duration matters. You add FXD1/2026/2, FXD1/2028/5, FXD2/2030/10, and IFB1/2031/12 to the comparator.
Example output
| Metric | FXD1/2026/2 | FXD1/2028/5 | FXD2/2030/10 | IFB1/2031/12 |
|---|---|---|---|---|
| Coupon Rate | 16.00% | 14.39% | 13.49% | 12.50% |
| Maturity Date | 19 Feb 2026 | 17 Mar 2028 | 23 Jun 2030 | 15 Dec 2031 |
| Years to Maturity | 0.8 yrs | 2.9 yrs | 4.6 yrs | 6.6 yrs |
| NSE Yield (last) | 15.82% | 15.95% | 16.10% | 14.30% |
| Clean Price | KES 100.12 | KES 98.71 | KES 96.21 | KES 94.40 |
| Modified Duration | 0.78 | 2.51 | 3.82 | 5.10 |
| WHT Exempt | No | No | No | Yes |
| Type | FXD | FXD | FXD | IFB |
From this table you can immediately see: the IFB1/2031/12 has the lowest headline yield (14.30%) but its coupon income is WHT-exempt. A 15% WHT deduction on FXD1/2028/5 at 15.95% gives a post-tax yield of about 13.56% — making the IFB more attractive on an after-tax basis despite the lower headline rate.
Column reference
| Column | Description |
|---|---|
| Coupon Rate | The fixed annual interest rate paid on the face value, set at issuance. |
| Maturity Date | The date the principal is repaid in full. |
| Years to Maturity | Calculated from today's date to the maturity date. |
| NSE Yield (last) | Most recent yield from NSE secondary market data. May be stale if bond hasn't traded recently. |
| Clean Price | Last traded clean price per KES 100, or calculated from the latest yield if no recent trade. |
| Modified Duration | Sensitivity of the bond's price to a 1% change in yield. Higher = more price risk. |
| WHT Exempt | Whether coupon income is exempt from the 15% withholding tax. IFB bonds are exempt. |
Limitations
- NSE yield data is scraped daily — if a bond hasn't traded that day, the yield shown may be from a previous session.
- Modified duration shown is a linear approximation. For large yield moves, convexity matters and duration understates actual price change.
- The comparator shows headline (pre-tax) yields. You need to apply the 15% WHT yourself to compare FXD vs. IFB on an after-tax basis.
- Maximum of four bonds can be compared at once.
To compare fairly: multiply the FXD yield by 0.85 (retaining 85% after 15% WHT). If the IFB yield exceeds that number, the IFB wins on after-tax income. Example: FXD at 15.95% × 0.85 = 13.56% after-tax. IFB at 14.30% beats it.