By Andrew Kariuki

The Central Bank of Kenya has reported mixed investor appetite in Treasury bill auctions for the week ending April 17, 2026, with subscription levels varying across the three tenors even as interest rates remained relatively stable.

According to the Weekly Bulletin, the 91-day Treasury bill received bids worth KSh2.58 billion against an offer of KSh4 billion, indicating an undersubscription. The average interest rate on the paper stood at 7.424%.

The 182-day Treasury bill recorded stronger demand, attracting bids of KSh7.66 billion against a similar offer of KSh10 billion, with the average yield settling at 7.830%.

Meanwhile, the 364-day Treasury bill also saw subdued uptake, with bids amounting to KSh3.75 billion against an offer of KSh10 billion. The average interest rate on the one-year paper stood at 8.272%.

Overall, the data reflects cautious investor participation in the short-term government securities market, with preference leaning toward mid-term instruments amid prevailing liquidity conditions and interest rate expectations.

The Central Bank noted that despite the uneven subscription levels, yields across all tenors remained largely stable, signaling a balanced market environment as investors continue to assess returns against broader economic conditions.