Kenya’s yield curve, year by year
What the government has had to pay to borrow, from two years out to twenty — rebuilt from the Central Bank’s own auction results.
A yield curve shows what it costs the government to borrow for two years against twenty. Its shape is the clearest single picture of what the market thinks money is worth — and in Kenya it has moved a long way in a short time.
Each year's curve here uses only auctions held in that year, so you are comparing points that are contemporaries of one another rather than a ten-year yield from 2024 against a two-year from 2026.
How to read it
A curve that rises from left to right is the ordinary shape: lending for longer is riskier, so it pays more. When the short end climbs above the long end, the market is saying it wants paying more to lend for two years than for twenty — which is what happened here through 2023 and 2024.
What this is not
These are auction clearing rates — what accepted bidders paid on the day the bond was sold. They are not traded prices. We publish no secondary-market prices at all, so this cannot tell you what a bond is worth to sell today; only what the government paid to issue at that tenor, in that year.
Nor is any of it a forecast. What the curve did is a matter of record; what it does next is not.
Every figure comes from CBK auction result documents, which are public. See all our data sources, or take the numbers from the CSV above and check us.