Beginning next month, the Bank of Tanzania (BoT) will offer 15-year treasury bonds with a 13.5% coupon rate, making them Tanzania’s first financial institution to offer bonds exceeding 10 years.
The bank decided to offer these bonds after conducting a survey that revealed significant demand for long-term instruments of investment.
Joseph Massawe, Director of Economic Research and Policy at BoT stated that this significant milestone for the bank offers new opportunities for investors to invest and for the government to raise money for a variety of infrastructure projects.
Long-term bonds allow the government to borrow money for a variety of low-risk investment projects, and financial experts believe that longer tenure treasury bonds are one important way for Tanzania to distance itself from donor dependency.
The BoT also announced the 15-year bond may be just the first step, as they will be monitoring the market to assess if and when to introduce 20 and 30 year bonds.
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