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The latest T-bill results show investors bid KSh 69.26 billion for KSh 28 billion of Treasury bills on 12 November 2026, and the Central Bank of Kenya (CBK) accepted KSh 56.70 billion, about twice the amount on offer. Average rates on all three bills dipped slightly from the previous week, with the 91-day bill at 8.7448%, the 182-day at 8.8372% and the 364-day at 9.0098%.
The auction was for bills dated 16 November 2026. The overall performance rate was 247.35%, according to the results signed by David Luusa, CBK Director of Financial Markets.
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T-bill results by tenor
Demand in the T-bill results was again heaviest at the short end. The 91-day bill drew KSh 31.69 billion in bids against KSh 8 billion offered, a performance rate of 396.12%. The CBK accepted KSh 30.01 billion of it, of which KSh 7.58 billion came from non-competitive bids, the route most small investors use.
| Bill | Offered | Bids | Accepted | Average rate |
|---|---|---|---|---|
| 91-day | KSh 8bn | KSh 31.69bn | KSh 30.01bn | 8.7448% |
| 182-day | KSh 10bn | KSh 22.33bn | KSh 20.12bn | 8.8372% |
| 364-day | KSh 10bn | KSh 15.24bn | KSh 6.57bn | 9.0098% |
| Total | KSh 28bn | KSh 69.26bn | KSh 56.70bn | – |
The 364-day paper stands out in the T-bill results. Bids of KSh 15.24 billion were enough to fill the KSh 10 billion offer, but the CBK accepted only KSh 6.57 billion, well below the amount on offer.
Rates edge lower across all three bills
The CBK’s comparison in the T-bill results shows each average rate slipped from the auction a week earlier. The 91-day rate fell from 8.7500% to 8.7448%, the 182-day from 8.8450% to 8.8372% and the 364-day from 9.0282% to 9.0098%. These are small moves, but they keep the rates just below or around the 8.75% Central Bank Rate.
At the average rate, KSh 100 of 91-day paper costs KSh 97.8663, 182-day paper KSh 95.7795 and 364-day paper KSh 91.7556. You can work out what a bill would pay you with our Treasury bill calculator, or see last week’s numbers in our report on the 9 November T-bill auction.
How much new money the government raised
According to the T-bill results, KSh 43.38 billion of the accepted amount goes to rolling over maturing bills. With KSh 56.70 billion accepted, that leaves about KSh 13.3 billion of new borrowing from this week’s sale. Last week’s auction raised KSh 53.13 billion against KSh 52.31 billion of maturities.
For savers weighing bills against other options, our comparison of Treasury bills vs bonds sets out how returns, tax and lock-in periods differ. The government is also selling bonds this month, covered in our report on the KSh50bn Treasury bond reopening.
Next Treasury bill auction
The next sale, for bills dated 23 November 2026, again offers KSh 28 billion: KSh 8 billion of 91-day, KSh 10 billion of 182-day and KSh 10 billion of 364-day bills. Bids close at 2pm on Thursday 19 November through DhowCSD or Treasury Mobile Direct, and results come out the same day.
The T-bill results for that sale will be watched closely, because the auction faces a much bigger maturity bill. The CBK puts redemptions at KSh 66.76 billion, so it would need strong demand to roll the debt over. Non-competitive bids start at KSh 50,000 and are capped at KSh 50 million per investor account per tenor. Payment must reach the CBK by 2pm on Monday 23 November.
Frequently asked questions
What were the T-bill results on 12 November 2026?
Investors bid KSh 69.26 billion for KSh 28 billion of bills. The CBK accepted KSh 56.70 billion, and the average rates were 8.7448% for 91 days, 8.8372% for 182 days and 9.0098% for 364 days.
Which Treasury bill was most popular?
The 91-day bill, with KSh 31.69 billion in bids against KSh 8 billion offered, a performance rate of 396.12%.
When is the next T-bill auction?
Bids close at 2pm on Thursday 19 November 2026 for bills dated 23 November, with results the same day.
What is the minimum amount for a Treasury bill?
The CBK says non-competitive bids must be at least KSh 50,000 and competitive bids at least KSh 2 million.
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