The money beside the auctions
Each holding of Sample institution in 2026-07-01 to 2026-09-30, beside what the same shillings would have earned at the Central Bank of Kenya's Treasury bill auction of the nearest tenor, in the same weeks.
Information, not advice. Every figure is shown as its source published it, with the source and date beside it. Afronomics compiles and does not forecast in this document.
Sample edition, free to share with credit.
1The quarter beside the auctions
2026-07-01 to 2026-09-30| Holding | KES | Rate | Days | Earned | Auction | At auction | Difference |
|---|---|---|---|---|---|---|---|
| Call deposit at a bank Deposit · 2026-01-01 to 2027-01-01 | 20,000,000 | 6.50% | 92 | 327,671 | 8.99% 364-day, 2026-06-29 | 453,356 | −125,685 |
| Six-month fixed deposit Deposit · 2026-04-01 to 2026-10-01 | 50,000,000 | 8.00% | 92 | 1,008,219 | 8.84% 182-day, 2026-06-29 | 1,114,561 | −106,342 |
| Money market fund Fund · 2026-01-01 to 2026-12-31 | 30,000,000 | 9.50% | 92 | 718,356 | 8.99% 364-day, 2026-06-29 | 680,034 | +38,322 |
| 91-day Treasury bill Treasury bill · 2026-07-06 to 2026-10-05 | 25,000,000 | 8.90% | 87 | 530,342 | 8.83% 91-day, 2026-07-06 | 526,451 | +3,891 |
| 364-day Treasury bill Treasury bill · 2026-02-02 to 2027-02-01 | 40,000,000 | 9.60% | 92 | 967,890 | 8.99% 364-day, 2026-06-29 | 906,712 | +61,179 |
Before tax on both sides. A positive difference means the holding earned more than the auction yardstick over the same days.
Source: Illustrative holdings; Central Bank of Kenya, Treasury bill auction results. As of 30 September 2026.
Method, sources and how to cite
Method
Days are those a holding was held inside the quarter, on a 365-day year. Earned is the amount times the holding's own annual rate, as the client reported it, before tax.
The yardstick is the weighted average rate of the CBK Treasury bill auction of the nearest tenor (91, 182 or 364 days) whose value date is the latest on or before the holding's start, or the quarter's start if later. Holdings of more than 400 days are compared with the 364-day bill and marked.
Both sides are before withholding tax, which is the same 15% on bills, deposits and fund returns for a resident institution. This page states what happened; it does not say what to hold.
Sources
- Illustrative holdings, made up for this sample; not any institution's portfolio
- Central Bank of Kenya, Treasury bill auction result. www.centralbank.go.ke/uploads/91_day_historical_treasury_bill_results/1468422124_RESULTS%202688-091%202662-182%202617-364%20DATED%2029-06-2026.pdf
- Central Bank of Kenya, Treasury bill auction result. www.centralbank.go.ke/uploads/91_day_historical_treasury_bill_results/2083267917_RESULTS%202689-091%202663-182%202618-364%20DATED%2006-07-2026.pdf
Licence
Sample: the holdings are illustrative, the auction results are real. Free to share with credit to Afronomics.
How to cite
Afronomics (2026). Treasury benchmark: The money beside the auctions. 2026 Q3. Document AF-BENCH-SAMPLE-2026-Q3. www.afronomicsfeed.com/benchmarking
Corrections
If a figure here is wrong, write to desk@afronomicsfeed.com. Corrections are listed at www.afronomicsfeed.com/corrections with the date and what changed.
Not investment advice
Afronomics Feed publishes general financial information and journalism. It is not investment, legal or tax advice and does not consider your personal circumstances. Afronomics is not licensed by the Capital Markets Authority as an investment adviser. Past yields do not guarantee future returns. Verify any provider on the CMA and CBK registers and consult a licensed adviser before investing. Data: the Central Bank of Kenya and others as cited, provided as published.
Information, not advice. © Afronomics 2026.