The Central Bank of Kenya (CBK) has attracted bids worth Ksh38.5 billion in its latest Treasury bills auction, signalling strong investor appetite for government securities despite the Sh28 billion offered.

In a results statement shared on Thursday, July 23, 2026, CBK said investors submitted bids worth Ksh38.498 billion for the 91-day, 182-day and 364-day Treasury bills.

The total amount represented a performance rate of 137.49 per cent, with the short-term 91-day Treasury bill recording the strongest demand after receiving bids worth Ksh22.06 billion against an offer of Ksh8 billion.

“The results of today’s Treasury Bills auction. The full results can be found at https://centralbank.go.ke/uploads/91_day_historical_treasury_bill_results/1670849091_RESULTS%202692-091%202666-182%202621-364%20DATED%2027-07-2026.pdf ,” CBK said in the results statement.

Investors favour short-term bills

The 182-day Treasury bill attracted bids worth Ksh11.56 billion against Ksh10 billion offered, while the 364-day paper received bids worth Ksh4.88 billion against a similar Ksh10 billion offer.

CBK accepted a total of Ksh29.26 billion from the auction, comprising Ksh13.28 billion from the 91-day bill, Ksh11.45 billion from the 182-day bill and Ksh4.53 billion from the 364-day bill.

The auction recorded an overall bid-to-cover ratio of 1.32, meaning investors submitted bids equivalent to more than 1.3 times the amount offered by the government.

CBK accepts Ksh29.3B

Of the total amount accepted, competitive bids accounted for Ksh22.74 billion, while non-competitive bids amounted to Ksh6.51 billion.

The 91-day Treasury bill recorded the highest bid-to-cover ratio at 1.66, followed by the 364-day paper at 1.08 and the 182-day bill at 1.01.

The results come as the government continues to rely on domestic borrowing to finance its operations and manage maturing obligations, with CBK indicating that Ksh25.12 billion of the accepted amount would go towards rollovers and redemptions.

The auction also generated Ksh8.36 billion in new borrowing or net repayment across the three instruments.

Interest rates edge lower

The market-weighted average interest rates stood at 8.8171 per cent for the 91-day bill, 8.9548 per cent for the 182-day bill and 9.0600 per cent for the 364-day paper.

The weighted average interest rates of accepted bids were slightly lower at 8.7821 per cent, 8.9545 per cent and 9.0361 per cent respectively.

Compared with the previous auction, the average accepted rate declined across all three tenors. The rate for the 91-day bill fell from 8.7986 per cent to 8.7821 per cent, while the 182-day rate dropped from 8.9695 per cent to 8.9545 per cent.

The 364-day Treasury bill recorded the smallest decline, falling from 9.0415 per cent to 9.0361 per cent.

CBK announces next auction

CBK has scheduled the next Treasury bills auction for August 3, 2026, involving 91-day, 182-day and 364-day instruments.

Investors are required to submit bids electronically through DhowCSD or Treasury Mobile Direct by 2pm on Thursday, July 30, 2026.

Payments for successful bids must be made through electronic transfer using RTGS and reach CBK by 2pm on Monday, August 3, 2026.

The minimum face value for non-competitive bids is Ksh50,000, while competitive bids require a minimum investment of Ksh2 million. Only investors with active CSD accounts are eligible to participate in the auction.