Afronomics · Frontier local debt
African Local-Currency Debt Monitor
Government bond auction results in 7 African markets, read from each issuer’s own notice; every row links to it. Figures are computed from those results and nothing else. Information, not advice.
As of 4 Nov 2026newest result date across markets (WAEMU, auction date)
Compiled 4 Nov 2026 · afronomicsfeed.com/data/frontier-local-debt/monitor
Market by market
The newest bond auction in each market
Rate: the bond with the longest tenor in each market’s newest auction, as the publisher measures it. Change: that rate minus the mean rate of the same tenor (and, for Egypt, the same bond type; for WAEMU, the same issuer) in results 75 to 105 days before. Bid cover: median across all results in the last 90 days and in the 12 months before that. — means not computable from the data.
| Market | Newest result | Results, 90 days | Longest tenor in newest auction | Rate | vs 3 months earlier | Median bid cover, 90 days | Median bid cover, prior 12 months | Source |
|---|---|---|---|---|---|---|---|---|
| KenyaKES | 9 Nov 2026settles (future date) | 16 | 30yFXD1/2026/030 | 14.13% | — | 1.43×n = 16 | 1.43×n = 43 | Notice |
| ZambiaZMW | 25 Sept 2026auction date | 10 | 15y07/2026/BA | 15.45% | −205 bpvs mean of 1 result | 1.29×n = 10 | 1.35×n = 10 | Notice |
| EgyptEGP | 3 Nov 2026settlement date | 30 | 5yfloating | 26.20% | +67 bpvs mean of 1 result | 1.94×n = 30 | 3.09×n = 147 | Notice |
| NigeriaNGN | 19 Oct 2026auction date | 8 | 15y15.45% FGN JUN 2038 | 17.19% | −121 bpvs mean of 1 result | 1.98×n = 8 | 2.10×n = 27 | Notice |
| UgandaUGX | 28 Oct 2026auction date | 22 | 25y | 18.48% | +248 bpvs mean of 1 result | 1.97×n = 22 | 1.99×n = 41 | Notice |
| MoroccoMAD | 27 Oct 2026auction date | 3 | 2.4y | 2.62% | — | 3.40×n = 3 | 1.56×n = 3 | Notice |
| WAEMUXOF | 4 Nov 2026auction date | 74 | 5yBurkina Faso | 7.37% | +3 bpvs mean of 2 results | 1.04×n = 74 | 1.00×n = 356 | Notice |
Latest results
The five newest results in each market
Amounts accepted in millions of local currency. For WAEMU, the three treasuries with the most bond results in the last 12 months.
Rate: weighted average rate of accepted bids, percent per annum. Dates are settlement dates: the auction itself is held a few days earlier.
| Settlement date | Bond | Tenor | Rate | Bid cover | Accepted, KESm | Source |
|---|---|---|---|---|---|---|
| 9 Nov 2026 | FXD1/2026/030 | 30y | 14.13% | 1.52× | 40,955 | Notice |
| 9 Nov 2026 | FXD3/2019/015 | 15y | 12.74% | 1.24× | 29,905 | Notice |
| 19 Oct 2026 | FXD1/2026/030 | 30y | 14.18% | 1.77× | 33,883 | Notice |
| 19 Oct 2026 | SDB1/2011/030 | 30y | 13.65% | 1.24× | 19,162 | Notice |
| 7 Oct 2026 | FXD1/2018/015 | 15y | 12.61% | 1.01× | 8,964 | Notice |
Zambia
Bank of ZambiaRate: cut-off yield by tenor, percent per annum; amounts at face value. Dates are auction dates.
Rate: weighted average yield of accepted bids, percent per annum; fixed-coupon, zero-coupon and floating-rate bonds. Dates are settlement dates: the auction itself is held a few days earlier.
Rate: marginal (stop) rate, percent per annum; uniform-price auctions, so every successful bid pays it. Dates are auction dates.
| Auction date | Bond | Tenor | Rate | Bid cover | Accepted, NGNm | Source |
|---|---|---|---|---|---|---|
| 19 Oct 2026 | 19.00% FGN FEB 2034 | 10y | 16.99% | 3.88× | 78,360 | Notice |
| 19 Oct 2026 | 16.79% FGN SEP 2036 | 10y | 17.29% | 1.18× | 781,310 | Notice |
| 19 Oct 2026 | 15.45% FGN JUN 2038 | 15y | 17.19% | 1.48× | 350,720 | Notice |
| 14 Sept 2026 | 16.79% FGN SEP 2036 | 10y | 16.79% | 1.89× | 288,630 | Notice |
| 14 Sept 2026 | 15.45% FGN JUN 2038 | 15y | 16.85% | 2.06× | 460,010 | Notice |
Rate: yield at the cut-off price, percent per annum. Dates are auction dates.
Rate: weighted average rate (TMP) of accepted bids, percent per annum; lines of 2 years or more where the Treasury accepted bids. Dates are auction dates.
Rate: weighted average yield of accepted bids, percent per annum; Treasury bonds (OAT) of a stated tenor of a year or more; the issuing country is in the issue field. Dates are auction dates.
Côte d’Ivoire · 92 results in the last 12 months
Burkina Faso · 72 results in the last 12 months
The short end
Treasury bills: the newest longest-tenor rate
The 364-day bill where the market auctions one, otherwise its longest bill. Dates are value (issue) dates.
| Market | Tenor | Rate | Value (issue) date | Rate measured as | Source |
|---|---|---|---|---|---|
| Kenya | 364 days | 9.03% | 2 Nov 2026 | weighted average rate of accepted bids | Notice |
| Nigeria | 364 days | 15.80% | 4 Nov 2026 | stop (issue) rate at the primary auction | Notice |
| Ghana | 364 days | 9.60% | 2 Nov 2026 | weighted average interest-rate equivalent | Notice |
| Uganda | 364 days | 14.75% | 5 Nov 2026 | money-market yield at the cut-off price | Notice |
| Tanzania | 364 days | 6.13% | 21 Oct 2026 | weighted average yield of successful bids | Notice |
| Egypt | 364 days | 26.08% | 3 Nov 2026 | weighted average yield of accepted bids | Notice |
| South Africa | 364 days | 7.42% | 2 Nov 2026 | average rate at which bills are allotted in the weekly auction | Notice |
| Zambia | 364 days | 10.00% | 29 Oct 2026 | cut-off yield rate at the auction | Notice |
| Malawi | 364 days | 16.00% | 3 Nov 2026 | average yield of allotted bids | Notice |
| Mozambique | 364 days | 12.10% | 21 Oct 2026 | weighted average subscription rate | Notice |