CBK Treasury Bills Auction — 01 June 2026
Kenya Markets · Fixed Income & Banking — auction held 28 May 2026; issues dated 01 June 2026
Demand was weak overall at 69.3% of offer, heavily skewed by [strong 91-day demand](/analyst-desk/kenya-markets/fixed-income-and-banking). KShs 16.62bn accepted versus KShs 30.15bn in redemptions implies a net repayment of KShs 13.53bn. 84.7% of bids and accepted value sat in the 91-day paper — the market is comfortable with very short paper but reluctant to lock in longer bills.
Executive Readout
Demand was weak overall at 69.3% of offer, but the result was heavily skewed by strong 91-day demand.
The 91-day bill attracted KShs 14.09bn in bids against KShs 4.00bn offered, while the 182-day and 364-day papers together received only KShs 2.54bn against KShs 20.00bn offered.
Accepted rates edged higher, clearing at 8.3884% on 91-day, 8.2500% on 182-day and 8.6266% on 364-day.
Accepted value was KShs 16.62bn against redemptions of KShs 30.15bn, implying an estimated net repayment of KShs 13.53bn.
Investor preference was defensive and liquidity-led: 84.7% of bids and 84.7% of accepted value sat in 91-day paper.
Analyst view: the market is comfortable taking very short paper but remains reluctant to lock into longer bills without stronger repricing or liquidity conviction.
Headline KPIs
| Metric | Value | Read |
|---|---|---|
| Offered | 24.00bn | KShs 24.0bn on offer |
| Bids received | 16.64bn | 69.3% subscription |
| Accepted | 16.62bn | 99.9% of bids accepted |
| Net outcome | -13.53bn | Net repayment vs maturities |
| 91-day bid share | 84.7% | Short-end concentration |
Source: Central Bank of Kenya auction result sheets.
Auction snapshot at a glance.
Auction Participation Dashboard
| Tenor | Offered (KES bn) | Bids Received (KES bn) | Performance Rate | Accepted (KES bn) |
|---|---|---|---|---|
| 91-day | 4.00 | 14.09 | 352.34% | 14.08 |
| 182-day | 10.00 | 1.05 | 10.49% | 1.05 |
| 364-day | 10.00 | 1.49 | 14.95% | 1.49 |
Source: Central Bank of Kenya Treasury Bill Auction Results for issues 2684/091, 2658/182 and 2613/364, dated 01/06/2026.
Tenor split — demand vs offer and acceptance.
Participation Takeaways
91-day demand was the only fully covered tenor, with bids at more than 3.5x the amount offered.
182-day and 364-day subscription rates were only 10.49% and 14.95%, respectively.
The auction therefore signalled a strong liquidity preference, not broad-based demand across the bill curve.
Figure 1 — Demand vs offer and acceptance by tenor
The 91-day bill carried the auction while longer tenors struggled for demand.
Figure 2 — Subscription / performance rate by tenor
The headline 69.3% auction performance masks a very uneven tenor outcome.
Pricing Dashboard
| Tenor | Market WAI | Accepted WAI | Previous Accepted WAI | WoW Change (bps) | Price per KES 100 |
|---|---|---|---|---|---|
| 91-day | 8.3889% | 8.3884% | 8.3865% | +0.19 | 97.9515 |
| 182-day | 8.2500% | 8.2500% | 8.2113% | +3.87 | 96.0488 |
| 364-day | 8.6502% | 8.6266% | 8.5881% | +3.85 | 92.0785 |
Source: Central Bank of Kenya auction result sheets.
Rates moved higher across all tenors, but the repricing was modest relative to the weakness in longer-tenor demand.
Rate Signal
91-day cleared only +0.19 bps above the prior accepted WAI, despite very strong demand for that tenor.
182-day and 364-day repriced by about +3.87 bps and +3.85 bps, respectively, but remained under-subscribed.
The 91-day rate being above the 182-day rate points to defensive demand and reinvestment optionality at the front end.
Figure 3 — Accepted rates vs previous auction
The yield shift was positive but controlled, with the largest increases on 182-day and 364-day bills.
Figure 4 — Three-auction yield trend
The bill curve has continued to drift higher over the last three auctions.
Figure 5 — Bid share by tenor
The 91-day bill accounted for the overwhelming majority of bids received.
Figure 6 — Competitive vs non-competitive acceptance
Accepted value in longer bills was dominated by non-competitive allocations.
Funding Outcome Dashboard
| Tenor | Redemptions (KES bn) | Accepted (KES bn) | Net Outcome (KES bn) |
|---|---|---|---|
| 91-day | 12.43 | 14.08 | +1.65 |
| 182-day | 0.51 | 1.05 | +0.54 |
| 364-day | 17.21 | 1.49 | -15.72 |
Source: Central Bank of Kenya auction result sheets.
Accepted value was below redemptions, generating a net repayment to the market.
Funding Read-through
Accepted value was KShs 16.62bn versus redemptions of KShs 30.15bn.
The estimated net outcome was a repayment of KShs 13.53bn.
The 364-day maturity gap was the main driver of the net repayment, offsetting positive financing on 91-day and 182-day bills.
Figure 7 — Accepted amount vs redemptions by tenor
The 364-day maturity gap dominated the funding outcome.
Figure 8 — Next auction maturity wall
The next auction carries a larger redemption wall than the amount on offer.
Desk Implications & Monitoring Guide
| Desk / Investor | Implication / Watch Point |
|---|---|
| Money market funds | 91-day reinvestment remains attractive but crowded; monitor allocation pressure and reinvestment risk. |
| Treasury managers | Liquidity preference is high; stagger maturities and avoid over-extension until longer-tenor demand improves. |
| Yield-seeking investors | 182-day and 364-day bills may offer selective yield pick-up, but weak bid cover points to repricing risk. |
| Government securities desk | Next auction has KShs 59.47bn redemptions against a KShs 24.00bn offer; monitor tenor distribution closely. |
Recommended Monitoring
Track whether 91-day subscription remains above 300% or normalises as cash is redistributed.
Watch for recovery in 182-day and 364-day subscription from 10.49% and 14.95%, respectively.
Monitor whether CBK remains near-full accepting or becomes more selective if accepted rates move higher.
Compare next auction demand against the KShs 59.47bn redemption wall to assess liquidity absorption or repayment pressure.
Source Notes & Method
Current auction: Central Bank of Kenya Treasury Bill Auction Results for issues 2684/091, 2658/182 and 2613/364, dated 01/06/2026 and signed 28 May 2026.
Previous comparisons: issues 2683/091, 2657/182 and 2612/364 dated 25/05/2026; and issues 2682/091, 2656/182 and 2611/364 dated 18/05/2026.
Method: CBK reports auction amounts in Kshs. millions. This report converts values to KES billions and calculates net borrowing / repayment as accepted amount less redemptions.
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