The Lusaka Securities Exchange (LuSE) is witnessing sustained corporate bond activity, with both local and international issuers tapping the market to finance strategic expansion, energy projects, and lending portfolios. Latest data shows 16 corporate bonds currently running across sectors including real estate, financial services, and renewable energy.
Real Estate Investments Zambia continues to hold one of the longest-standing instruments on the market a US$4.19 million bond at 5.5%, maturing in November 2027 after a five-year tenor.
Financial services firms remain the most active issuers, led by Bayport Financial Services and IZWE Loans, which together account for a significant share of the kwacha-denominated listings.
Bayport’s multi-tranche Medium-Term Note Programme (MTNP) includes several bonds priced at Treasury Bill (TB) yields plus 500–575 basis points, with maturities ranging from 2026 to 2028. Its largest note currently running is the K93.7 million MTNP issued in May 2023 at 364-day TB plus 500 basis points, maturing in 2026.
IZWE has also expanded its bond footprint with new issuances in 2024 and 2025. The K69.14 million IZWE-MTN 22A carries a 23.5% interest rate and matures in July 2027, while newer issuances IZWE-MTN 23A, 23B, and 23C offer interest rates ranging from 19% to 25%, depending on Treasury yield movements and preset limits.
International capital remains a feature of the market through the International Finance Corporation (IFC), which has two active notes: a K32.2 million bond priced at 182-day TB minus 50 basis points, and a larger K234 million bond at a fixed 18%, both maturing in 2028.
The renewable energy sector is gaining prominence with Copperbelt Energy Corporation (CEC) Renewables issuing two long-term US dollar denominated green energy bonds. The US$53.5 million, 9% note issued in 2023 and the US$96.7 million, 8.23% note issued in December 2024 each with 15-year tenors reflect growing investor appetite for infrastructure and clean energy financing.
Market analysts say the diversity of tenors, rates, and currency denominations demonstrates deepening confidence in Zambia’s fixed-income environment.
