Mozambique announces 2026 calendar: 18 Treasury bond issues worth 34.2bn meticais and nine exchanges

On 16 February 2026 Mozambique published a public financing calendar that plans 18 Treasury bond (OT) issuances in 2026 totalling 34.2 billion meticais, and nine liability-exchange operations valued at 45.7 billion meticais, as part of the State’s 2026 financing plan.

A large, pre-announced issuance and liability-exchange calendar concentrates rollover and absorption risk in the local market. If domestic demand is insufficient, higher domestic yields could emerge as the market reprices supply, and that higher local funding cost can transmit to Mozambique’s external funding premia via sovereign spread pressure and higher budget financing costs. The announced exchange-auction mechanism provides flexibility but does not eliminate rollover risk.

First and largest auction scheduled for April 8, 2026 (indicative amount up to 3.2 billion meticais).