The Central Bank of Kenya (CBK) Treasury Bills auction in Week 11 of 52 (2026) remained oversubscribed, albeit lower than the previous week.
The CBK received bids totaling KES 43.7 billion against an offer of KES 24.0 billion, translating to a performance rate of 182.3%. Compared to the previous week, bids declined 56.5%. In the prior auction, demand had surged past the KES 100 billion mark to KES 100.4 billion, representing the highest demand ever recorded at a CBK Treasury bills auction.
Demand remained heavily skewed towards the 364-day paper, which received KES 30.9 billion in bids against KES 10.0 billion on offer, representing a subscription of 308.7%. The strong uptake reflects investors’ preference to lock in relatively high yields as they anticipate more interest rate cuts by the CBK. The paper’s weighted average yield declined by 16.29 basis points to 8.4805% from the previous auction.
The 91-day bill received KES 4.98 billion in bids against an offer of KES 4.0 billion, translating to a subscription rate of 124.5%. The weighted average interest rate for the paper stood at 7.5636%, down 1.59 bps from the previous auction.
CBK 182-Day Paper Draws Low Interest
The 182-day bill recorded weaker demand, attracting KES 79 billion in bids against a target of KES 10.0 billion, translating to a performance rate of 79%. The paper’s weighted average interest rate rose marginally by 2.41 bps compared to last week’s auction to 7.8457%.
Out of the KES 43.7 billion bids received, the CBK accepted KES 32.3 billion, resulting in net borrowing of KES 8.1 billion.
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