The Central Bank of Kenya (CBK) has reopened two fixed-coupon Treasury bonds, FXD1/2018/015 and FXD1/2021/020, in October, aiming to raise KSh 50 billion for budgetary support as the government front-loads its FY25/26 borrowing program.

• The government is accelerating borrowing to cover a projected KSh 923.2 billion fiscal deficit, with KSh 613.6 billion targeted from domestic markets.
• The CBK has already raised over KSh 400 billion domestically by end-September, covering more than 40% of the net domestic borrowing target for FY25/26.
• Domestic debt service in FY25/26 is projected at KSh 1.3 trillion, part of an overall KSh 1.9 trillion debt service bill.