Kenya Treasury bills · auction of 8 April 2024
Kenya T-bill auction, 8 April 2024: 91-day at 16.724%, unchanged
At the Treasury bill auction dated 8 April 2024, the Central Bank of Kenya cleared the 91-day bill at 16.724% (unchanged), the 182-day bill at 16.874% (down 1 basis point) and the 364-day bill at 16.990% (unchanged).
The auction was fully subscribed: bids totalled KES 28.5bn against KES 24.0bn on offer, a subscription rate of 119%. The government accepted KES 26.2bn, or 92% of what was bid.
The 91-day paper drew the most interest relative to its size, at 217% subscribed.
Over the past year the 91-day rate has ranged from 10.072% to 16.731%.
What this means for KES 100,000
Worked from the published rate · information, not advice
KES 14,441 in 12 months on the 364-day bill, after tax
Put KES 100,000 into the 364-day bill at this auction and you get back KES 114,441 after 12 months: KES 14,441 in interest after 15% withholding tax (KES 16,990 before), about KES 1,203 a month.
That is the same as at the previous auction.
For shorter money: KES 7,171 on the 182-day bill (6 months), KES 3,554 on the 91-day bill (3 months).
The Central Bank’s minimum bid is KES 100,000, and the government pays the full amount at maturity; the risk is Kenya’s government not paying, and the money is locked until then.
Kwa Kiswahili
Ukiweka KES 100,000 kwenye hati ya siku 364 kwa riba ya mnada huu, utarudishiwa KES 114,441 baada ya miezi 12: riba ya KES 14,441 baada ya kodi ya zuio ya 15% (KES 16,990 kabla ya kodi), yaani takriban KES 1,203 kwa mwezi.
Ni sawa na mnada uliopita.
Kiwango cha chini cha Benki Kuu ni KES 100,000. Serikali hulipa yote mwishoni mwa muda; hatari ni serikali kushindwa kulipa, na pesa haipatikani hadi muda uishe.
Compare with money market funds and bank deposits, after tax →
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Subscription | Accepted | Price /100 |
|---|---|---|---|---|---|---|---|
| 91-day | 16.724% | 16.729% | KES 4.00bn | KES 8.69bn | 217% | KES 7.85bn | 95.997 |
| 182-day | 16.874% | 16.888% | KES 10.00bn | KES 5.87bn | 59% | KES 4.94bn | 92.239 |
| 364-day | 16.990% | 16.990% | KES 10.00bn | KES 13.91bn | 139% | KES 13.40bn | 85.512 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
Free, every weekday at 7:00
The Afronomics Morning
Every Monday: the week's auctions, currencies and the stories that moved African markets. Free.