Nairobi, Aug. 4 -- Investors have been denied a premium return on the first infrastructure bond issuance in a year after the Central Bank of Kenya's (CBK) reopened papers that rank among the lowest in returns in the market.

In the August 2026 sale, the CBK has reopened three previously issued bonds that pay annual interest of 11.75 percent, 12.67 percent and 12.74 percent, avoiding more lucrative options for investors whose annual return ranges from 13.7 percent to 18.5 percent.

These rates are also at par with the net returns for other ordinary bonds that have been issued or reopened in recent months, meaning there is no advantage to be gained by buyers who had kept their capital in hand waiting for the infrastructure papers.

The CBK ...