Zambia Treasury Bills and Government Bonds Show Stable Yields in Latest Auctions

Lusaka, 30 November 2025 – The Bank of Zambia (BoZ) has released the results of its latest Treasury Bills (T-Bills) and Government Bonds auctions, signaling continued demand for short and long term government securities amid a stable macroeconomic environment.

Treasury Bills
The latest Treasury Bills tender (No. 24/2025) on 27 November 2025 recorded competitive yields across all tenures:

• 91 Days – Yield: 11.50%, Weighted Average Discount Rate: 11.18%
• 182 Days – Yield: 13.00%, Weighted Average Discount Rate: 12.21%
• 273 Days – Yield: 13.95%, Weighted Average Discount Rate: 12.63%
• 364 Days – Yield: 14.50%, Weighted Average Discount Rate: 12.67%

The results indicate steady investor appetite for short-term government debt, with the weighted average discount rates remaining lower than the indicative yields, reflecting efficient subscription levels.

Government Bonds
Earlier, on 21 November 2025, the BoZ conducted a Government Bonds tender (No. 11/2025/BA) for tenures ranging from two to fifteen years. Yields for these longer-term securities were as follows:

• 2 Years – Yield: 15.00%, Coupon: 15.00%
• 3 Years – Yield: 16.00%, Coupon: 16.00%
• 5 Years – Yield: 16.49%, Coupon: 16.49%
• 7 Years – Yield: 17.00%, Coupon: 17.00%
• 10 Years – Yield: 17.50%, Coupon: 17.50%
• 15 Years – Yield: 18.99%, Coupon: 18.99%

The bond results reflect sustained investor confidence in medium- to long-term Zambian government debt, with slightly higher yields for longer maturities in line with market expectations.

Analysts note that the latest results suggest liquidity in the financial markets remains tight, but government securities continue to attract demand from banks, institutional investors, and retail subscribers seeking secure returns.