Bonds & T-Bills Auction Calendar

The Bank of Zambia auctions Treasury Bills once every two weeks, always on a Thursday. Because the cadence is fixed, every date in the year is predictable from the first auction - for example tender 15/2026 falls on Thursday 23 July 2026, two weeks after tender 14/2026 on 9 July. Four tenors are offered at each auction: 91, 182, 273 and 364 days.

Government Bonds are auctioned on a Friday, twice per quarter, since the second quarter of 2026 (they were monthly in the first quarter). Unlike Treasury Bills, the exact Fridays are set by the Bank of Zambia each quarter and do not follow a fixed interval - in 2026 the gaps between bond auctions ran anywhere from 3 to 9 weeks. That is why bond dates only become certain once BoZ publishes each quarter's notice.

Treasury Bills follow a strict fortnightly rhythm, but Government Bond auctions are scheduled at the Bank of Zambia's discretion. Looking at the 2026 calendar, consecutive bond auctions were 3, 6, 4, 9, 8 and 5 weeks apart - no repeating pattern. The only constants are that a bond auction is always on a Friday and there are two per quarter. To be sure of an upcoming bond date, always check the latest BoZ issuance-calendar notice.

Treasury Bills come in 91-day, 182-day, 273-day and 364-day tenors. Government Bonds are offered in 2, 3, 7, 10 and 15-year tenors - the 5-year bond was suspended in 2026 to realign the maturity profile. Not every bond tenor is on offer at every auction; the exact mix is listed in each auction prospectus.

You need a CSD (Central Securities Depository) account, opened through a commercial bank or the Bank of Zambia. Bids can be non-competitive (you accept the auction's cleared rate, minimum K1,000) or competitive (you name your own yield, minimum K500,000 face value). Bids are submitted before the auction closes, and successful bids settle shortly after. The BoZ Investor Portal lets individuals register and bid online.

This page always shows the next auction at the top with a live countdown. Treasury Bills are the easy case: from the first auction of the year (tender 01/2026 on Thursday 8 January), just add two weeks repeatedly - so 22 January, 5 February, and so on through the year. Bonds you read straight off the Bank of Zambia notice: in 2026 they were 23 January, 13 February, 27 March, 24 April, 26 June, 21 August and 25 September, with the last quarter still to be announced.