The Central Bank of Kenya offers KES 8bn of 91-day bills, KES 10bn of 182-day and KES 10bn of 364-day bills every week. What investors bid for each, as printed in the Bank’s result notices, shows a clear preference.
The last five auctions
| Auction | 91-day bids / offer | 182-day | 364-day |
|---|---|---|---|
| 7 Sep 2026 | 428% | 198% | 22% |
| 14 Sep | 370% | 130% | 130% |
| 21 Sep | 291% | 100% | 94% |
| 28 Sep | 222% | 128% | 112% |
| 5 Oct | 225% | 191% | 106% |
Every 91-day auction since the start of August drew at least 1.7 times the amount offered. The 364-day fell short of its offer twice in five weeks; on 7 September it drew KES 2.2bn of bids for KES 10bn.
Why (Analysis)
The extra time does not pay. On 5 October the 91-day cleared at 8.77% and the 364-day at 9.04%: 0.27 points more for locking money up four times as long. When the reward for waiting is that thin, investors keep their money short, where they can reinvest at a better rate if rates rise and get their cash back sooner.
Demand for the 91-day is also cooling: bids fell from KES 34.2bn on 7 September to KES 18.0bn on 5 October, while the rate barely moved (8.77% to 8.77%).
What to watch
- Whether the one-year rate rises to fill the offer. The Treasury can accept fewer bids or pay more.
- Whether 91-day demand keeps falling.
Every auction since 2011, with offers, bids and the notice each comes from, is free on the Kenya T-bill page, with a CSV download. A browser alert for each new result is on the alerts page.
Information, not advice.