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Bond auction gets oversubscribed

TRYNESS TEMBO, Lusaka
GOVERNMENT bond auction held last week was over-subscribed after receiving bids amounting to over K3.9 billion against an offer of K2.6 billion due to increased investor confidence following the International Monetary Fund (IMF) announcement.
Recently, IMF approved about US$1.3 billion extended credit facility for Zambia.
According to auction results released by the financial markets department at Bank of Zambia (BoZ), total bids received amounted to over K3.9 billion out of which K2.6 billion was borrowed.
In the 15 years tenor, investors offered K131.48 million, with K118.75 million being borrowed while the 10-year tenor received bids amounting to K1.76 billion, and K681.72 was borrowed.
A bid amount of K131.88 million was received in the seven years tenor, but only K127.76 million was allocated, while in the CLICK TO READ MORE