Bank of Zambia publishes Sep 25, 2026 GRZ bond auction results showing lower cut-off yields and short-end demand
On September 25, 2026 the Bank of Zambia held GRZ Bond Tender No. 07/2026/BA and allocated K5,825.93m (face value) across 2-,3-,7-,10- and 15-year bonds. Cut-off yields fell across every tenor versus August and bidding was concentrated in the 2- and 3-year papers, which were allotted more than twice their offer sizes.
The desk brief
On September 25, 2026 the Bank of Zambia held GRZ Bond Tender No. 07/2026/BA and allocated K5,825.93m (face value) across 2-,3-,7-,10- and 15-year bonds. Cut-off yields fell across every tenor versus August and bidding was concentrated in the 2- and 3-year papers, which were allotted more than twice their offer sizes.
Stronger short-end demand and lower cut-off yields signal easier domestic funding conditions, which can reduce near-term rollover pressure for Zambia’s local-currency debt. If sustained, lower domestic yields may ease fiscal financing costs but could also compress demand for longer-dated re-issues, potentially tightening transmission to USD sovereign spreads depending on FX moves and external funding needs.
BoZ scheduled further bond auctions on 20 November 2026 and 18 December 2026 (08/2026/BA and 09/2026/BA).
Sources & verification
Developing storyFurther independent confirmation is required.
- BANK of ZAMBIA GOVERNMENT OF THE REPUBLIC OF ZAMBIA 2, 3, 7, 10 and 15 YEARS GRZ BOND AUCTION RESULTS Results of the GRZ Bond Tender No. 07/2026/BA held on September 25, 2026, areboz.zm (opens in a new tab)
- Zambia Government Bond Auction Results - September 2026zamcalc.com (opens in a new tab)
Public references supporting this brief.
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- Zambin 33Jun 203396.1886.460%
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