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Government Bonds Calculator
Calculate yields, coupon payments, and net returns on Zambian government bonds.
Enter an investment amount
Set the principal to see your projected bond returns and coupon income.
Bond Yields & Deductions
2026 GRZ Bond Yields
| Tenor | Indicative Yield |
|---|---|
| 2-Year | 14.25% |
| 3-Year | 14.5% |
| 7-Year * | 16% |
| 10-Year * | 16.6% |
| 15-Year * | 17.59% |
Deductions per Coupon
Frequently Asked Questions
What are the current Zambia Government Bond yields for 2026?
Current GRZ Treasury Bond indicative yields for 2026: 2-year at 14.25%, 3-year at 14.5%, 7-year at 16%, 10-year at 16.6%, 15-year at 17.59%. Longer tenors carry higher yields. Actual auction rates may vary.
How does withholding tax affect Zambia bond returns?
Coupon income is subject to 20% withholding tax (WHT) deducted at source by ZRA. A 1% handling fee is also deducted from each coupon. Your net return is therefore lower than the stated coupon rate — this calculator shows both gross and net figures.
How often are Zambia Government Bond coupons paid?
GRZ Treasury Bonds pay coupons semi-annually — every 182 days. Each coupon payment is half the annual coupon rate applied to your face value, less withholding tax and handling fees.
What tenors are available for Zambia Government Bonds?
GRZ bonds range from 2 to 15 years. The 7-, 10-, and 15-year bonds are benchmark bonds, while the 2- and 3-year are non-benchmark. The 5-year tenor is currently suspended. Shorter tenors yield around 14.25%, longer tenors up to 17.59%. Bond auctions are held twice per quarter.
How do I invest in Zambia Government Bonds?
You need a Central Securities Depository (CSD) account at the Bank of Zambia and a local Kwacha bank account. You can bid directly through the BOZ Investor Portal (investorportal.boz.zm) or through any commercial bank. Non-competitive bids start at K1,000 face value, competitive bids at K500,000.
How does the inflation adjustment work?
When you toggle "Adjust for Inflation", the calculator uses the Fisher equation to convert the nominal coupon rate into a real rate. The formula is: real rate = ((1 + nominal) / (1 + inflation)) - 1. The default inflation rate tracks the latest annual print from the Zambia Statistics Agency (currently around 6-8% inside the Bank of Zambia target band). You can change it to match your own expectations. This shows what your returns are worth in today's purchasing power. For deeper analysis, use the dedicated Inflation Calculator.
Can I sell my bond before it matures?
You cannot cash in bonds at the Bank of Zambia before maturity. However, you can sell them to any willing buyer on the secondary market through your bank or a stockbroker. The price depends on current market interest rates - if rates have risen, your bond may trade below face value, and vice versa.
How are bond returns calculated? Show me an example.
Example: K100,000 invested in a 2-year bond at 14.25%. Semi-annual coupon = K100,000 x 14.25% x (182/365) = K7,105.48. Withholding tax (20%) = K1,421.10. Handling fee (1%) = K71.05. Net per coupon = K5,613.33. Over 2 years (4 coupons), total net interest = K22,453.32.
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Learn
All postsHow to Invest in Government Bonds in Zambia (2026)
How to buy Zambia government bonds through BoZ - the step-by-step process, current yields by tenor, and deductions on coupon income.
How to Get the Best Exchange Rate in Zambia (2026)
Compare exchange rates across banks, bureaux de change, and online services in Zambia. Use the BOZ mid-rate as your benchmark and avoid common pitfalls.
Zambia Government Bond Auction Results - April 2026
Results from GRZ Bond Auction 04/2026/BA held on 24 April 2026. Yields fell across all tenors, the 5-year was suspended, and overall demand was weak.
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Sources
Official BoZ guide covering bond types, eligibility, cash flows, and auction process.
April 2026 changes including benchmark bond designation and auction frequency.
Ministry of Finance fact sheet on par issuance method effective January 2024.
Legal framework governing the issuance and trading of government securities in Zambia.
Online platform for CSD registration and government securities bidding.
Zamcalc results are estimates only. Figures are based on rates published by official sources. Verify with the relevant authority or a licensed professional before taking any action. Zamcalc is not liable for decisions based on these figures.