The rate next to Thursday's T-bill auction already happened — it isn't this one
What this is about: Every week the Central Bank of Kenya publishes a rate next to each upcoming Treasury bill auction. It looks like a preview of what you'd earn if you bid. It isn't.
Why the gap matters: A Treasury bill's actual rate is set at the auction itself, as a weighted average of the bids the CBK accepts. Nothing fixes it in advance.
What the shape of the three numbers might mean — and might not
• Rate shown = last completed auction's average, per CBK's own note
• Actual rate = set fresh at each new auction, by that day's bids
• Oversubscription tends to push the clearing rate down
• Undersubscription tends to push it up
The line to keep: A quoted T-bill rate describes an auction that has already closed, not the one still open.
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What this is about: Every week the Central Bank of Kenya publishes a rate next to each upcoming Treasury bill auction. It looks like a preview of what you'd earn if you bid. It isn't.
Why the gap matters: A Treasury bill's actual rate is set at the auction itself, as a weighted average of the bids the CBK accepts. Nothing fixes it in advance.
What the shape of the three numbers might mean — and might not
• Rate shown = last completed auction's average, per CBK's own note
• Actual rate = set fresh at each new auction, by that day's bids
• Oversubscription tends to push the clearing rate down
• Undersubscription tends to push it up
The line to keep: A quoted T-bill rate describes an auction that has already closed, not the one still open.
Send me a chat with the word CHECK and I will send you the full lesson, free.
Last image: a portfolio on our demo account, sample holdings. Everything you own in one place, in one currency.
How do you read this one? Answer below.
Follow for a note a day on what the numbers actually say.
$BTC
#TradingPsychology #Crypto #CreviaCockpit
