The Kenya Treasury bill auction scheduled for October 22 offers three maturities, with previous average rates ranging from 8.7500% to 9.0383%. The Central Bank of Kenya posted the offer details on October 15.

Kenya Treasury Bill Auction Dates and Rates

The Central Bank of Kenya offer page lists issue 2705/091 for the 91-day bill, 2679/182 for the 182-day bill and 2634/364 for the 364-day bill. All three go to auction on Thursday, October 22, before settlement on Monday, October 26.

The previous average rates provide a reference rather than a guaranteed return for the new auction. The shortest bill carried an 8.7500% average rate, compared with 8.8600% for six months and 9.0383% for one year.

Previous Average Kenya Treasury Bill Rates

91-day  8.7500%

182-day 8.8600%

364-day 9.0383%

Source: Central Bank of Kenya. Rates are from the preceding auction and do not predict October 22 results.

How the Three Maturities Compare

The published curve remains upward sloping across the three tenors, but the spread is narrow. The 364-day bill’s previous rate exceeded the 91-day rate by 0.2883 percentage point, or 28.83 basis points.

That difference compensates investors for committing funds longer, while the shorter bill provides earlier liquidity. Investors comparing the offer with longer government debt can review CBK’s recent KSh8.96 billion Treasury bond switch, which addressed a different segment of the domestic debt market.

The auction also follows the October monetary-policy decision. CBK retained its policy rate at 8.75%, a decision covered in Fusion Market News’ Kenya interest-rate preview. Treasury-bill yields can still move independently because demand, liquidity and government funding needs also affect bids.

What Investors Should Check Before Bidding

Investors should confirm the bid type, settlement amount and maturity that fit their cash needs. Competitive bids specify a rate, while noncompetitive bids accept the auction’s weighted average rate under CBK rules.

The official auction announcement says electronic bids must reach CBK through DhowCSD or Treasury Mobile Direct by 2:00 p.m. on October 22. Applicants should use CBK’s documents and channels rather than treating the preceding rates as an offer price.

The auction adds another near-term item to Kenya’s financial calendar as regulators also update payment infrastructure. CBK recently closed consultation on a national payment-system bill, showing how debt issuance and financial-market rules are evolving in parallel.

Elsy Kanana is a financial and cryptocurrency journalist at FusionMarketNews, covering digital assets, blockchain technology, financial markets, and emerging fintech trends. Her reporting focuses on market movements, regulatory developments, and on-chain analytics, delivering clear, data-driven insights to readers worldwide.