The Bank of Zambia’s Government bond auction held on January 23, 2026, recorded bids that far exceeded the amount that was placed on offer.
While the Central Bank offered K4.20 billion across six bond tenors, investors submitted bids worth K9.07 billion, more than double the amount available.
As a result of the overwhelming demand, the Bank of Zambia allocated K5.39 billion, which was higher than the original offer.
The strongest interest was recorded in the 5-year, 7-year and 10-year bonds, which attracted the largest volumes of bids.
Cut-off yields ranged between 14.90 percent and 18.79 percent, reflecting current market conditions.
The outcome of the auction highlights strong investor appetite for Government securities and increased activity in Zambia’s domestic bond market.
By Rachel Mumba
