The 364-day Treasury Bill is the longest standard tenor, for a full-year horizon.
It suits investors who want to lock in a rate for about a year with a single reinvestment decision.
If you don't need the funds for a while, this maximises the discount window among standard tenors.
Faster accessHigher potential return
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Key Facts
Investment term
364 days
Reinvestments / year
~1×
Liquidity profile
Lowest among standard tenors
Best for
Locking in for ~1 year
Definition
What is the 364-Day T-Bill?
A 364-day Treasury Bill is a government investment that matures in about one year. You buy below face value and receive the full amount at maturity. Whether the longest tenor clears above or below shorter ones changes between auctions — the curve has inverted before — so compare the latest NBE results.
Suitability & Benefits
Who might consider it, and why choose it?
Have a ~1-year horizonWant one decision per yearWant to lock in a rateDon't need the funds soon
- +Full-year horizon. Lock in a known outcome for about twelve months.
- +Yield locked at auction. Your yield is fixed at purchase; how it compares with shorter tenors depends on the auction.
- +Fewest reinvestments. A single decision covers a whole year.
- +Rate lock-in. Useful when you want to secure today's yield for longer.
Considerations
Things to consider & next steps
- –Least flexibility. Your funds are committed for the longest standard period.
- –Opportunity cost. If rates rise after purchase, you're locked at the earlier yield.
- –No near-term access. Unsuitable if you might need the money before maturity.
When this may be a good fitYou can commit funds for about a year, want a single reinvestment decision, and are comfortable locking in today's rate.
Next Step
Ready to explore current 364-day opportunities? View latest 364-day auction results →