The Central Bank of Kenya (CBK) has significantly exceeded its target by accepting a massive KSh 179.77 billion in a tap sale of two infrastructure bonds, a move that highlights extraordinary investor appetite but also stretches the traditional concept of a tap sale. This follows a record-breaking reopening last week, demonstrating strong demand for infrastructure financing.

• The CBK accepted KSh 179.77 billion against an initial tap sale target of KSh 50 billion.
• The tap sale, conducted between 19–21 August 2025, followed a reopening on 18 August that saw bids of KSh 323.43 billion against an offer of KSh 90 billion.
• For IFB1/2018/015, KSh 127.98 billion was accepted in the tap sale, significantly expanding its outstanding size.