Kenya’s Treasury bill programme is run in public. The Central Bank publishes auction information and results on its Treasury bills pages. The National Treasury is the issuer. This brief is a reading method. It does not carry this week’s accepted yields.
The sequence, not the number
Treat every auction week as four dated events:
- Announcement. Offered tenors and the timetable. This is a fact about process.
- Auction. Bids are taken on the stated date. Until results are published, there is no official print.
- Results. Offered, bids received, amount accepted, and the weighted average rate — as the Bank prints them.
- Settlement. Cash and securities move on the stated settlement date. A “cheap” or “tight” colour piece that ignores settlement is incomplete.
If a chat message gives you a yield before the result notice, file it as unverified colour. Do not promote it into the brief.
What is structural vs what is a print
Structural facts (the existence of 91-, 182-, and 364-day tenors; that CBK conducts the auction; that results are published) do not require a new number each week. Prints do. A remembered “last week’s 91-day” is not a citation.
Analysis that stays inside the document
It is fair analysis to note whether the Bank’s result notice shows a tenor that was undersubscribed, or whether the announcement offered a different mix than the prior week — after you have both PDFs. It is not analysis to infer what a bank treasury “should” bid.
Where to click
Official auction notices and results: centralbank.go.ke. Issuer context: treasury.go.ke. The NSE tape is the wrong window for this instrument.