Despite the fact that there was KES 28.803Bn in T-bills maturing, the CBK was only able to lock in KES 8.945Bn from a total of KES 9.003Bn in bids received. My theory (and I stand to be corrected) for this poor showing is the announcement of a new 3Yr bond to be auctioned in May. This announcement may result in a portion of T-bill maturities being held back. The new 3yr bond is the FXD1/2023/3Yr and the CBK will be looking to secure KES 20Bn from its sale. Attached is the bond prospectus for your perusal.
Below is a snapshot of what is at play within the secondary market for your consideration. Happy hunting and enjoy the long weekend ahead!