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Treasury bonds are a secure, medium- to long-term investment that typically offer you interest payments every six months throughout the bonds maturity. The Central Bank auctions Treasury bonds on a monthly basis, but offers a variety of bonds throughout the year, so prospective investors should regularly check for upcoming auctions.Most Treasury bonds in Kenya are fixed rate, meaning that the interest rate determined at auction is locked in for the entire life of the bond. This makes Treasury bonds a predictable, long-term source of income. The National Treasury also occasionally issues tax-exempt infrastructure bonds, a very attractive investment.Individuals and corporate bodies can invest in Treasury bonds as a nominee of a commercial bank or investment bank in Kenya, but if you hold a bank account with a local commercial bank you can also invest directly through the Central Bank and avoid additional fees. Treasury bonds are units of government debt, meaning that you are investing in the Kenyan Government. Most Treasury bonds carry semi-annual interest payments, allowing investors to receive returns every six months. The Central Bank auctions several different types of Treasury bonds, enabling investors to find bonds that fit their needs. Treasury bonds are auctioned every month, providing ample investment opportunities for diverse financial needs. Follow this step-by-step guide to invest in Treasury bonds through the Central Bank: 1. Open a CDS AccountThe first step to investing in Treasury bills is to open a CDS account with the Central Bank. It is free to open these accounts, which are how the Central Bank keeps track of who holds which government securities. Once you have your CDS account, which can be opened for an individual or a corporate body, you can invest in multiple Treasury bills and bonds, so you only need to complete this step the first time youre investing.To open a CDS account, you need to hold a bank account with a Kenyan commercial bank. You can collect a mandate card from the Central Bank or any of its branches, and must fill it out in neat block letters. Youll need to provide contact information and information about your commercial bank account. Youll also need to have to have two signatories from your commercial bank sign the card to verify the information youve provided.You can find sample mandate cards HERE. When submitting your mandate card, you also need to submit a passport-sized photograph of yourself, which has to be certified and stamped by a representative from your commercial bank.Finally, youll also need to submit a clear copy of your National Identity Card, passport or alien certificate. • Individuals may hold a single or joint CDS account but NO minor accounts.• Each individual CDS account holderapplicant MUST complete the CDS accounts specimen signature mandate card (the card) which can be collected from any of the Central Bank of Kenya Branches in Nairobi, Mombasa, Kisumu, Eldoret or the Currency Centres in Meru, Nakuru and Nyeri.• The card(s) should be completed in BLOCK LETTERS, neatly and clearly.• Names MUST be written in the order that they appear on the identification document.• NO alternationserrors.• The card MUST not be folded or disfigured in anyway.• Signatories to the CDS account will be required to sign the card in the presence of a designated CBK Officer or any Authorised Agent.• On completion applicants will personally submit the duly completed card(s) together with:o One recent coloured passport size photograph of the account holder.o The reverse side of the photograph MUST be certified by the applicants Bankers and stamped.o The photograph must NOT be stapled or glued to the card.o The original and clear copy of the National Identity Cardvalid passportalien certificate for verification. (Note that the copies will be retained by CBK.)• Two signatories of your Bankers, whether a commercial bank or financial institution must sign and stamp the card on the space provided, confirming the bank account details.Kindly note:• The commercial bankfinancial institution under Note 9 above must be licensed by the Central Bank of Kenya.• Payments will be made to the Bank account specified in the mandate card.• On receipt of all the requirements, CDS account application(s) will be processed within seven working days.• Change of address may be advised through a letter signed by signatories as per the mandate.• To change details of the CDS account one completes a CDS card and follows all the requirements mentioned from No. 1 to 9.• For any further clarifications kindly contact us by calling +254 20 , by emailing or , or by visiting our offices in Nairobi, Kisumu, Mombasa, Meru, Nakuru or Nyeri. CalculatorsPlease note that calculators are provided to serve as guides for investors, but all final pricing is determined by the Central Bank. This calculator allows you determine what your payment would be based on the bonds face value, coupon rate, quoted yield and tenor.

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