Rather than receiving their Treasury bill proceeds upon maturity and seeking another investment, investors can roll over their holdings into the longer-dated security through the CBK-led transaction. Treasury bills are short-term government securities, typically issued with maturities of 91, 182 and 364 days. By replacing short-term obligations with longer-term securities, the government can spread its repayment obligations over a longer period and potentially reduce pressure created by frequent maturities.The Treasury bill-to-bond switch also highlights the continued importance of government securities in Kenya’s financial markets. It also gives the CBK another mechanism for managing liquidity and the maturity profile of domestic government debt. It provides an opportunity for investors to reposition their portfolios while supporting the government’s efforts to manage the structure and maturity of its domestic debt.