Kenya Treasury bills · auction of 15 December 2025
Kenya T-bill auction, 15 December 2025: 91-day at 7.779%, unchanged
At the Treasury bill auction dated 15 December 2025, the Central Bank of Kenya cleared the 91-day bill at 7.779% (unchanged), the 182-day bill at 7.800% (unchanged) and the 364-day bill at 9.235% (down 13 basis points).
The auction was fully subscribed: bids totalled KES 32.6bn against KES 24.0bn on offer, a subscription rate of 136%. The government accepted KES 31.7bn, or 97% of what was bid.
The 364-day paper drew the most interest relative to its size, at 228% subscribed.
Over the past year the 91-day rate has ranged from 7.779% to 9.955%.
What this means for KES 100,000
Worked from the published rate · information, not advice
KES 7,850 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 107,850 after 12 months: KES 7,850 in interest after 15% withholding tax (KES 9,235 before), about KES 654 a month.
That is KES 113 less than the same money would have earned at the previous auction.
For shorter money: KES 3,315 on the 182-day bill (6 months), KES 1,653 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 107,850 baada ya miezi 12: riba ya KES 7,850 baada ya kodi ya zuio ya 15% (KES 9,235 kabla ya kodi), yaani takriban KES 654 kwa mwezi.
Hiyo ni KES 113 pungufu ya kiasi ambacho pesa hiyo hiyo ingepata kwenye 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 | 7.779% | 7.780% | KES 4.00bn | KES 7.51bn | 188% | KES 7.50bn | 98.097 |
| 182-day | 7.800% | 7.804% | KES 10.00bn | KES 2.24bn | 22% | KES 2.24bn | 96.256 |
| 364-day | 9.235% | 9.368% | KES 10.00bn | KES 22.83bn | 228% | KES 21.92bn | 91.567 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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