DhowCSD T-Bill Ladder

Split capital across the 91, 182 and 364-day bills however suits you — weighted for liquidity, for yield, or evenly — and see the blended return after tax.

Capital to allocate (Ksh)

Ksh

How should it be split?

Or set the weights yourself. These are shares, not shillings — drag one to zero to drop that tenor entirely.

91-day33%

182-day33%

364-day33%

MMF or T-Bill?

Too close to call on yield, and worth knowing why. A fund holds Treasury bills, so its return is the short bill plus a thin spread — we assume 0.00pp. That assumption is bigger than the 0.01pp difference it produces, and the two would tie at a spread of -0.01pp. Decide on the things that are certain instead: the bill locks your money for 364 days, the fund pays out in about a day.

⚠️

of Kenyans invest in Treasury Bills, despite a government guarantee behind every shilling. A single bill starts at Ksh 100,000.

CBK DhowCSD subscriber data, 2025

🏆

Ksh 7,674

earned per year, after tax, on Ksh 100,000 in the best-paying bill — the average bank deposit would need about 1.3× the money to match it.

CBK auction of 22 Oct 2026, via Mwangaza Yield, net of 15% withholding tax · bank: CBK Bank Supervision Annual Report 2025, §3.7

Spotted a figure that looks wrong? Tell us what it should be. Tax bands and rates change on somebody else’s schedule — a reader with their own payslip catches a stale one faster than we do.