In short: The Bank of Zambia plans two GRZ bond auctions and four Treasury bill auctions between November and December 2026. Here are the dates, what is on offer and how to take part.
Auction dates: November–December 2026
| Date | Type | Tenors on offer | Planned size |
|---|---|---|---|
| Thursday 12 November | Treasury bills | 91, 182, 273 and 364 days | K2.2 billion |
| Friday 20 November | GRZ bonds | Benchmark bonds (see the auction invitation) | K6.3 billion |
| Thursday 26 November | Treasury bills | 91, 182, 273 and 364 days | K2.2 billion |
| Thursday 10 December | Treasury bills | 91, 182, 273 and 364 days | K2.2 billion |
| Friday 18 December | GRZ bonds | Benchmark bonds (see the auction invitation) | K6.3 billion |
| Thursday 24 December | Treasury bills | 91, 182, 273 and 364 days | K2.2 billion |
These dates and sizes are confirmed by the Bank of Zambia’s Q4 2026 public notice of 30 September 2026. The notice does not list bond tenors: the Bank announces which bonds are on offer in the invitation published before each auction. The same notice introduced the new 20-year Government bond, which joins the benchmark bonds.
Download the official BoZ Q4 2026 issuance calendar (PDF) →
Dates can change. Always confirm with the latest Bank of Zambia notice before you bid.
How to take part
- Decide how long you can leave the money. Treasury bills mature within a year. Bonds pay interest twice a year until they mature.
- Choose how you will bid. Most individuals buy through a commercial bank or a registered broker. Ask about their deadline, which is usually a day or more before the auction.
- Check the price before you bid. Bonds are sold at a price that depends on the yield. Use our GRZ bond calculator to see the cost and the interest you will receive.
- Watch the results. The Bank publishes cut-off yields after each auction. Compare them with the last auction before you bid again.
What the recent rate cut means for these auctions
The Bank of Zambia cut the policy rate to 10.75% on 30 September 2026. When the policy rate falls, auction yields often drift lower too. Read what the rate cut means for your money.
Learn more about government securities
- GRZ bonds in Zambia: how they work
- Treasury bills and government bonds explained
- Zambia’s 20-year government bond
This article is for education only and is not financial advice.
Want to turn this into a plan? Join our free 30-minute Investing Basics class on Zoom, held on the first Wednesday of every month.

