T-bill rates this week barely moved: at the Central Bank of Kenya’s auction of 29 October 2026, the 91-day Treasury bill cleared at a weighted average of 8.7498%, the 182-day at 8.8508% and the 364-day at 9.0288%. The real story was demand. Investors bid KSh 40.6 billion for the 91-day paper against an offer of KSh 8 billion, a 507.90% subscription, while the 182-day and 364-day bills were undersubscribed at 53.17% and 59.07%.
Updated 1 November 2026. Source: CBK results for issues 2706/091, 2680/182 and 2635/364, dated 2 November 2026 (published 29 October). Not investment advice.
T-bill rates this week at a glance
| Tenor | Offered (KSh bn) | Bids (KSh bn) | Subscription | Accepted (KSh bn) | Average rate | Last week |
|---|---|---|---|---|---|---|
| 91-day | 8.00 | 40.63 | 507.90% | 40.56 | 8.7498% | 8.7478% |
| 182-day | 10.00 | 5.32 | 53.17% | 5.22 | 8.8508% | 8.8591% |
| 364-day | 10.00 | 5.91 | 59.07% | 5.91 | 9.0288% | 9.0267% |
| Total | 28.00 | 51.86 | 185.20% | 51.69 |
Rates are CBK’s weighted average interest rate of accepted bids. Week-on-week moves were tiny: up 0.0020 points on the 91-day, down 0.0083 on the 182-day and up 0.0021 on the 364-day.
Why investors piled into the 91-day bill
The 91-day bill pays almost the same as the longer papers. The gap between the 91-day (8.7498%) and the 364-day (9.0288%) is only about 0.28 percentage points, so investors are paid very little extra to lock money up for a year. That makes the shortest bill the obvious choice for anyone who expects rates to hold or rise, or who wants cash back quickly.
The pattern is not new. In the previous week’s auction (dated 26 October) the 91-day was 179.21% subscribed while the 182-day and 364-day drew 76.93% and 68.01%. This week the preference for short paper became much sharper. CBK accepted nearly all the 91-day bids, KSh 40.56 billion, five times what it offered.
The 91-day rate also sits right at the Central Bank Rate of 8.75% set by the Monetary Policy Committee on 7 October 2026, as our previous T-bill rates note explained.
What the government raised
Total accepted bids were KSh 51.69 billion against KSh 40.74 billion of maturing bills, leaving net new borrowing of about KSh 10.95 billion. The split was uneven: the 91-day raised KSh 25.93 billion more than its maturities and the 182-day KSh 1.86 billion more, while the 364-day fell KSh 16.84 billion short of the bills it was meant to roll over, so that amount was repaid rather than refinanced. Non-competitive bids, the route most retail investors use, made up KSh 18.10 billion of accepted bids. Non-competitive bidders receive the weighted average rate and are capped at KSh 50 million per investor account per tenor.
What KSh 100,000 earns at these rates
CBK’s results give the price per KSh 100 of face value at the average rate. Using those prices:
| Tenor | Price per KSh 100 | You pay for KSh 100,000 face value | Gross discount (interest) | After 15% withholding tax |
|---|---|---|---|---|
| 91-day | 97.8651 | KSh 97,865 | KSh 2,135 | KSh 1,815 |
| 182-day | 95.7733 | KSh 95,773 | KSh 4,227 | KSh 3,593 |
| 364-day | 91.7397 | KSh 91,740 | KSh 8,260 | KSh 7,021 |
Figures are rounded and illustrative. The minimum face value is KSh 50,000 for non-competitive bids and KSh 2 million for competitive bids, and you need an active CSD account. Interest on Treasury bills is subject to 15% withholding tax for residents. Try different amounts in our 91-day T-bill calculator.
T-bills vs money market funds right now
Treasury bills lock in a rate until maturity. Money market funds pay a daily yield that changes and let you withdraw within days. With the 91-day near 8.75% before tax, compare current fund yields on our MMF rates page and read MMF vs Treasury bills before choosing. New to bills? Start with how to buy Treasury bills in Kenya.
Next auction: 5 November 2026
CBK will offer KSh 28 billion again (KSh 8 billion in 91-day, KSh 10 billion each in 182-day and 364-day) for issues dated 9 November. Bids close at 2pm on Thursday 5 November through DhowCSD or Treasury Mobile Direct, with results the same day. Redemptions that week are KSh 52.31 billion, so CBK has KSh 24.31 billion of net repayment to cover.
Frequently asked questions
What are T-bill rates this week in Kenya?
At the 29 October 2026 auction, CBK accepted bids at weighted averages of 8.7498% (91-day), 8.8508% (182-day) and 9.0288% (364-day).
Why was the 91-day bill oversubscribed?
It pays almost as much as the longer bills (only about 0.28 points less than the 364-day) while returning cash in three months, so investors preferred it. Bids reached KSh 40.6 billion against KSh 8 billion offered.
How much do I need to buy a Treasury bill?
The minimum is KSh 50,000 face value for a non-competitive bid, through a CSD account on DhowCSD.
When is the next T-bill auction?
Bids for the next auction close at 2pm on Thursday 5 November 2026, with results announced the same day.
Source: Central Bank of Kenya, Treasury bills results (issues 2706/091, 2680/182, 2635/364 and the previous week’s 2705/091, 2679/182, 2634/364).
Prefer WhatsApp? Follow Business Radar on WhatsApp
Weekly, free. We only use your email for this newsletter and you can unsubscribe in one click. Privacy policy.
