From equities and fixed income brokerage to structured asset management and independent advisory, our solutions are engineered for growth. ๐๐ผ
We are committed to delivering research-driven insights.
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Kenya Primary Bond Auction Results | July 2026
FXD1/2019/020 cleared at 13.9234% and FXD1/2022/025 at 14.4432%, both landing squarely within our predicted Base Ranges.
๐น Performance Rate: 214.82%
๐น Bid-to-Cover: 1.36x
๐น Amount Accepted: KES 63.28B
Full analysis below ๐
Kenya's FY2025/26 closed on a strong fiscal note. In the June 2026 Exchequer Release,
โ County governments received 100% of their KSh 415 billion allocation.
โ Tax revenue reached 99.7% of the revised target (KSh 4.5 trillion).
Below is a snapshot of the overall budget outturn.
From equities and fixed income brokerage to structured asset management and independent advisory, our solutions are engineered for growth. ๐๐ผ
We are committed to delivering research-driven insights.
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Kenya Switch Bond Auction Results | July 2026
๐ฏ FXD1/2012/020 cleared at 12.8076%, landing squarely at the midpoint of our predicted 12.60%โ13.00% Base Range.
๐น Performance: 81.60%
๐น Bid-to-Cover: 1.03x
๐น Clean Price: KES 98.6714
Analysis below ๐
CBK targets KES 10B in a voluntary switch from FXD1/2021/005 to FXD1/2012/020.
Key benefits:
โ 15% to 10% withholding tax drop
โ Mitigates near-term reinvestment risk
๐ฏ Our recommended Base bidding range: 12.60%โ13.00%
KNBS has released the Q1 2026 GDP report indicating a 0.4% points growth rate increase to 5.3% compared to the 4.9% recorded in Q1 2025. The Agriculture and Forestry sector still remain the largest contributor at 19.0%.
For the private sector, stronger credit growth reflects improving access to financing, supporting business expansion, investment, and working capital, although credit availability remains below the level needed to unlock its full growth potential.
Growth in commercial banksโ lending to the private sector continued to improve and stood at 9.3% in May 2026 compared to 7.1% in April 2026 and (2.9%) in January 2025. However this is still below CBK's optimal target of 12.0%.
The CMA has licensed/approved 3 Fund Managers, 2 new umbrella unit trusts with 19 sub-funds, 7 additional sub-funds under existing schemes, and 4 new intermediaries across investment advisory:
โFund Managers: ADAR Asset Management, Entrust Advisory and Everstrong Asset Management
โ2 New Umbrella Unit Trusts: Cinemark Unit Trust Fund with 7 sub-funds across KES/USD money market, fixed income and multi-asset strategies; and Karsis Unit Trust Scheme with 12 sub-funds across KES, USD, Euro and Sterling products.
โ7 Additional Sub-Funds: Absa Global Multi-Asset Special Funds (USD/KES), Dry Associates Euro and Sterling Special Fixed Income Funds, Madison USD Fixed Income Special Fund, and Tradium Fixed Income Funds (KES/USD).
โ4 New Market Intermediaries: Finaltus licensed as an Investment Adviser, Istithmaar Lulu Maknoon as a Shariah-compliant REIT Manager, Saffron Coffee Marketers as a Coffee Broker, and Powerยฎ as an ISPP enabling digital access to CMA-regulated Money Market Funds.