Tanzania Hatua Bond Oversubscribed by 806%, TZS 100 Billion Accepted

I&M Bank’s Tanzania Hatua Bond oversubscription reached 806.92%, with TZS 100 billion of the TZS 161.38 billion in applications accepted.

The bank disclosed the results in a public notice dated 25 September 2026, following a subscription period from 3 August to 4 September for the first tranche of its five-year multicurrency medium-term note programme.

The initial public offer was TZS 20 billion, while the full programme approved by the Capital Markets and Securities Authority (CMSA) was TZS 100 billion; applications of TZS 161,383,181,343 therefore represented 806.92% of the initial offer.

For each application, the bank allotted the first TZS 200 million in full and 43.09% of any amount requested above TZS 200 million.

The bank said it would refund TZS 61,383,181,343 in respect of oversubscribed applications by direct bank transfer on 28 September 2026.

The senior unsecured bond carries a fixed annual interest rate of 13%, paid quarterly, and has an issue price of par and a minimum denomination of TZS 500,000 in multiples of TZS 10,000.

It was issued on 21 September 2026, matures on 21 September 2031 and is scheduled to list on the Dar es Salaam Stock Exchange (DSE) on 15 October 2026.

Coupon payments are scheduled for 21 December, 21 March, 21 June and 21 September each year, up to and including maturity.

I&M Bank disclosed that the proceeds would support lending to corporate, retail, and small and medium-sized business clients, strengthen medium- and long-term funding, and finance digital platforms and technology infrastructure.