Free Kenya investment calculator

Kenya Treasury Bond Calculator

Calculate what a Treasury bond costs, what it pays after withholding tax, its yield to maturity, full coupon cash flow, interest-rate risk and the result of selling before maturity.

Calculate a bond

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Bond pricing and returns

Enter the bond details

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1. Choose a bond

NSE bond or manual entry

The market list contains bonds with a usable traded yield and price in the latest NSE bond-price file. Choose Manual entry for another issue.

2. Bond and purchase details

Bond type

Purchase route

Face value (KSh)

The principal amount repaid at maturity for a standard bullet bond.

Original tenor (years)

Used for automatic conventional-bond withholding tax. Use the original tenor, not years remaining.

Annual coupon rate (%)

Market / quoted yield (%)

Settlement / purchase date

Maturity date

Last coupon date — optional

Next coupon date — optional

If coupon dates are blank, the calculator builds a six-month schedule backwards from the maturity date. Enter the prospectus coupon dates when you need the exact CBK schedule.

3. Price and transaction costs

Purchase price source

Purchase costs (KSh)

Clean price per KSh100

Dirty price per KSh100 — optional

4. Tax

Withholding-tax treatment

Include estimated withholding tax on a discount below par in the purchase cash required.

This is switched on automatically for primary issues/reopenings and off for secondary-market purchases. You can override it to match the transaction documents.

5. Optional early-sale scenario Calculate what happens if I sell before maturity.

What this Treasury bond calculator includes

This tool combines bond pricing, accrued interest, tax, income and risk calculations in one place. It can calculate from a quoted yield or use the latest usable clean and dirty prices extracted from the Nairobi Securities Exchange bond-price file.

Tax treatment: the automatic setting uses 15% withholding tax for conventional Treasury bonds with an original tenor of up to nine years, 10% for conventional bonds with an original tenor of 10 years or more, and 0% for infrastructure bonds. Change the setting when the prospectus or your tax status requires a different treatment.

How clean price, dirty price and accrued interest work

The clean price excludes accrued coupon interest. The dirty price includes it and is the amount used to estimate settlement value. For a purchase between coupon dates, the calculator works out the accrued portion from the last and next coupon dates. If those dates are not supplied, it creates a standard semiannual schedule from maturity.

What the return figures mean

Current yield compares the annual coupon with the clean purchase value.
Gross annualised IRR uses the purchase cash outflow and the full future gross cash-flow schedule.
After-tax annualised IRR uses the actual purchase cash required, net coupons after withholding tax and principal repayment.
Modified duration estimates price sensitivity to a small change in yield.
Convexity improves the picture for larger yield changes.

Early sale and capital gains

The early-sale section reprices the remaining bond cash flows at the expected sale yield, includes accrued interest, subtracts sale costs and calculates the holding-period return. It does not apply capital gains tax to the bond price gain because KRA lists gains on securities traded on a CMA-licensed securities exchange among CGT exemptions. The calculator still applies the selected withholding-tax rate to coupon income and estimated accrued interest received at sale.

Data source and limitations

The selectable bond list is generated from the NSE bond-price PDF used by this site's automated Kenya 10-year benchmark. Only rows with a usable current trade yield and price are added automatically. Manual mode remains available for a bond that did not trade in the source file, a new issue or a bond with special cash-flow terms.

For amortising or unusually structured bonds, enter the bond's official prospectus dates and verify the result against the Central Bank's final pricing. The CBK states that its own calculators are guides and final pricing is determined by the Bank.

Read the Kenya Treasury bonds guide for DhowCSD bidding, auction, settlement and bond terminology.