Bank of Tanzania to float 15-years treasury bonds

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Central Bank Governor Benno Ndulu
By Mnaku Mbani
The Bank of Tanzania has announced the sale of 15 years treasury bonds in September 28th this year.
The bond valued at Tsh35.43 billion will be sold at fixed coupon rate 13.5 per cent per annum. The minimum bid size will be Tsh1 million multiples of Tsh100,000.

However, according to the Bank of Tanzania auction announcement interest income is exempted from withholding tax of 5 per cent. The bond will be sold in Tanzanian shillings.

The auction announcement shows that a total of Tsh34.43 billion will be sold on a competitive basis while one billion shilling will be sold on uncompetitive basis.

The bonds will be listed on the Dar es Salaam Stock Exchange Secondary trading in multiples of Tsh100,000 to commence on Tuesday 4th  October, 2016.

The previous reports show that investors appetite for medium and long term government securities were low as previous bonds ended up undersubscribed.

For example, the recent five-year treasury bond floated on September 14th this year, was undersubscribed by about 60 per cent.
The BOT auction results shows that, during the previous auction, the central bank planned to raise Tsh105 billion but only Tsh54.6 billion were tendered.

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