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Treasury bill demand surged at the Central Bank of Kenya’s 5 November 2026 auction, with investors bidding KSh 67.7 billion for KSh 28 billion on offer, a performance of 241.8%. The figures come from the CBK Weekly Bulletin of 6 November 2026, which also showed strong demand for long-dated bonds a day earlier.
Treasury bill demand by paper
Treasury bill demand was concentrated in the shortest paper: the 91-day bill drew the most money. Investors bid about KSh 34.5 billion against KSh 8 billion advertised, and CBK accepted about KSh 34.46 billion. Rates were broadly unchanged:
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| Paper | Average rate (5 Nov) | Previous auction |
|---|---|---|
| 91-day | 8.750% | 8.750% |
| 182-day | 8.845% | 8.851% |
| 364-day | 9.028% | 9.029% |
The 182-day paper received about KSh 21.9 billion against KSh 10 billion offered, but CBK accepted only about KSh 7.43 billion. The 364-day bill attracted about KSh 11.3 billion against KSh 10 billion, with about KSh 11.24 billion accepted. These allocation figures are from the bulletin’s auction table as reported by People Daily; the bulletin text confirms the totals and rate direction.
Bond auction nearly twice subscribed
Strong Treasury bill demand followed an equally busy bond sale. At the 4 November Treasury bond auction, the reopened 15-year and 30-year bonds received bids of KSh 99.5 billion against KSh 50 billion advertised, a 198.9% performance. Our earlier report covered the reopening of these bonds.
Shilling, reserves and liquidity
The shilling traded at KSh 129.96 to the US dollar on 5 November, unchanged from 29 October. Foreign exchange reserves stood at USD 14,699 million, or 5.9 months of import cover, against CBK’s statutory target of at least four months. Reserves were USD 14,740 million a week earlier and USD 14,930 million on 1 October, so the buffer has eased slightly over five weeks while staying well above the floor.
Ample bank liquidity helps explain the Treasury bill demand: excess reserves averaged KSh 31.9 billion above the 3.25% cash reserve ratio, and the overnight interbank rate, KESONIA, held at 8.75%. At the Nairobi Securities Exchange, the NASI rose 1.68%, the NSE 25 3.14% and the NSE 20 1.37% in the week to 5 November. CBK said the jump in shares traded and turnover reflected Nedbank’s KSh 107.3 billion acquisition of NCBA shares. Kenya’s Eurobond yields fell by an average of 25.87 basis points.
What strong Treasury bill demand means for savers
Heavy Treasury bill demand has not pushed rates down much. With the 91-day rate steady at 8.75% and the 364-day just above 9%, short-term government paper still offers rates close to many money market funds. You can estimate returns with our Treasury bill calculator, then check the current week’s results on CBK’s website before bidding through DhowCSD.
Related: Kenya Economic Update: 5.2% growth, record $2.74bn FDI, but graft caps gains
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