The numbers first
In the auction held on 17 September 2026, the Central Bank of Kenya offered KSh28.0 billion across the 91, 182 and 364-day Treasury Bills. Investors submitted bids worth KSh42.72 billion, an overall performance rate of 152.57%. CBK accepted KSh42.69 billion.
| Tenor | Amount offered | Bids received | Demand | Accepted rate |
|---|---|---|---|---|
| 91-day | KSh8.0bn | KSh23.25bn | 290.57% | 8.7837% |
| 182-day | KSh10.0bn | KSh10.05bn | 100.46% | 8.9099% |
| 364-day | KSh10.0bn | KSh9.43bn | 94.28% | 9.0566% |
Why the 91-day Bill stands out
The shortest maturity attracted KSh23.25 billion of bids against only KSh8 billion offered. That 290.57% performance rate makes the 91-day Bill the clearest demand story in this week's auction.
That does not automatically mean the 91-day Bill is “better.” It tells us that substantially more money chased that tenor than CBK initially offered. Investors may value the shorter commitment, but a single auction cannot establish the motives of every bidder.
Rates moved only slightly
The accepted average rates were 8.7837% for 91 days, 8.9099% for 182 days and 9.0566% for 364 days. The 91-day rate was slightly above the previous 8.7674% shown before the auction, while the longer tenors remained around the 9% area.
The gap between maturities is therefore fairly narrow. When comparing them, the rate is only one part of the decision: the length of time the money is committed matters too.
What happens next?
CBK's next auction is scheduled for 24 September 2026, with value date 28 September 2026. The previous accepted averages now shown for that offer are 8.7837%, 8.9099% and 9.0566% for the 91, 182 and 364-day Bills respectively.
How this connects to your money
Treasury Bills are sold at a discount and mature at face value. For someone comparing short-term places to hold money, the useful questions are not just “what is the highest rate?” but also how long can I leave the money committed, what amount am I bidding, and what alternatives have similar liquidity?
For the mechanics, see Amka's KSh50,000 Treasury Bill minimum explainer. You can also compare the latest Treasury Bill rates and read the beginner guide to Treasury Bills in Kenya.
Bottom line
The latest auction was strongly subscribed overall, but the standout was the 91-day Treasury Bill: bids were almost 2.9 times the amount offered. Rates themselves did not make a dramatic move. For readers, the useful signal is the combination of strong short-tenor demand and relatively stable yields — not a prediction of where rates go next.
Sources
- Central Bank of Kenya — Treasury Bill auction results dated 21 Sep 2026 ↗
- Central Bank of Kenya — Treasury Bills on offer and latest results ↗
- Central Bank of Kenya — How Treasury Bills work ↗