Kenya Treasury bills · auction of 18 May 2026
Kenya T-bill auction, 18 May 2026: 91-day at 8.318%, up 13 bps
At the Treasury bill auction dated 18 May 2026, the Central Bank of Kenya cleared the 91-day bill at 8.318% (up 13 basis points), the 182-day bill at 8.212% (unchanged) and the 364-day bill at 8.563% (up 5 basis points).
The auction was fully subscribed: bids totalled KES 26.4bn against KES 24.0bn on offer, a subscription rate of 110%. The government accepted KES 26.4bn, or 100% of what was bid.
The 91-day paper drew the most interest relative to its size, at 183% subscribed.
Over the past year the 91-day rate has ranged from 7.400% to 8.323%.
What this means for KES 100,000
Worked from the published rate · information, not advice
KES 7,279 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 107,279 after 12 months: KES 7,279 in interest after 15% withholding tax (KES 8,563 before), about KES 607 a month.
That is KES 41 more than the same money would have earned at the previous auction.
For shorter money: KES 3,490 on the 182-day bill (6 months), KES 1,767 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 107,279 baada ya miezi 12: riba ya KES 7,279 baada ya kodi ya zuio ya 15% (KES 8,563 kabla ya kodi), yaani takriban KES 607 kwa mwezi.
Hiyo ni KES 41 zaidi 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 | 8.318% | 8.190% | KES 4.00bn | KES 7.32bn | 183% | KES 7.31bn | 97.968 |
| 182-day | 8.212% | 8.210% | KES 10.00bn | KES 7.85bn | 78% | KES 7.84bn | 96.066 |
| 364-day | 8.563% | 8.514% | KES 10.00bn | KES 11.24bn | 112% | KES 11.23bn | 92.132 |
Source: Central Bank of Kenya result notice · the PDF these figures were read from
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