The Bank of Tanzania (BoT) has unveiled its domestic borrowing programme for the first quarter of the 2026/27 financial year, scheduling a series of Treasury bill and Treasury bond auctions between July and September to support government financing needs and deepen the country's capital market.
The issuance calendar, published on July 1, shows that the government will offer short-term Treasury bills with maturities of 35, 91, 182 and 364 days, alongside medium- and long-term Treasury bonds with tenors of two, five, 10, 15, 20 and 25 years.
The quarterly schedule gives investors—including commercial banks, pension funds, insurance companies, corporate investors and individuals—greater certainty in planning their investment decisions while enabling the government to mobilise domestic resources in a predictable manner.
According to the central bank, Treasury bill auctions will be held on July 2, July 15, August 12, August 26, September 9 and September 23, with each auction offering new short-term government securities.
The Treasury bond programme begins with the reopening of a 20-year bond on July 8, followed by the issuance of a new 10-year bond on July 22 and a new two-year bond on July 29.
In August, BoT will reopen a 25-year bond on August 5 and a 15-year bond on August 19. The September schedule includes the reopening of a 10-year bond on September 2, a five-year bond on September 16, and another reopening of a 15-year bond on September 30.
The central bank said the coupon rates for Treasury bonds, together with other auction details, will be announced separately through Calls for Tender issued ahead of each auction.
BoT also noted that while the calendar provides a roadmap for the quarter, the government retains the flexibility to adjust the issuance programme should borrowing requirements or market conditions change.
The issuance calendar comes as the government continues to rely on the domestic debt market to finance part of its budget while providing investors with low-risk investment instruments backed by the sovereign.
Treasury bills are primarily used for short-term cash management and liquidity investment, while Treasury bonds offer investors fixed returns over longer periods and play a critical role in financing long-term public expenditure.
By publishing the calendar at the start of the financial year, the central bank aims to improve transparency and predictability in the domestic debt market, allowing investors to prepare for upcoming auctions and supporting orderly market operations.
The latest programme also reflects BoT's continued use of both new issuances and re-openings of existing bonds, a strategy that helps build liquidity in benchmark securities and strengthens price discovery in the secondary market.
Interested investors have been advised to monitor subsequent Calls for Tender, which will provide detailed information on auction terms, coupon rates and participation procedures for each scheduled issuance.
