Julisha Media, Nairobi (2025)

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The recent trend of Investors shifting back to longer-term Treasury bills continues according to the latest auction results released by the Central Bank Of Kenya (CBK).

The CBK data released on Thursday, March 20, shows an oversubscription in the 364-day tenor while shorter-term offerings struggled to attract investors.

The auction, which sought to raise Ksh 24 billion across 91-day, 182-day, and 364-day Treasury Bills, saw bids totaling Ksh 30.96 billion, representing a 128.99% overall performance rate.

The 364-day paper received the highest demand, attracting Ksh 20.82 billion against an offer of Ksh 10 billion— a 208.24% subscription rate. The CBK accepted Ksh 16.29 billion from these bids at a weighted average interest rate of 10.46%.

The 182-day bill recorded an 84.03% performance rate, with Ksh 8.40 billion in bids received, of which Ksh 6.48 billion was accepted at an average rate of 9.08%. Meanwhile, the 91-day bill saw a low turnout, receiving only Ksh 1.72 billion against the Ksh 4 billion target, representing a 43.23% subscription rate. CBK accepted Ksh 1.67 billion at an average interest rate of 8.84%.

The funds raised will be used to roll over maturing obligations totaling Ksh 23.61 billion, with the remainder allocated to new borrowing.

Investors interested in the next Treasury Bills auction must submit bids by March 27, 2025, with results to be announced on the same day.