Weekly wrap · 29 Oct – 4 Nov 2026

This week in African government debt auctions

Every Treasury bill and bond result we hold from African central banks and treasuries for the seven days to 4 November 2026, the date of the newest result. Each rate is set against the same market’s previous sale of the same tenor.

Auctions held

35 results by tenor

Markets active

Burkina Faso, Côte d’Ivoire, Egypt, Ghana, Kenya, Malawi, Nigeria, South Africa, Uganda, Zambia

Largest move, week on week

▲ 68.4 bp

Egypt 91-day bill: 24.316% on 27 Oct 2026 to 25.00% on 3 Nov 2026. Among 25 tenors sold in both weeks.

Highest bid cover

19.35×

Uganda 91-day bill, 5 Nov 2026

Lowest bid cover

1.00×

Zambia 91-day bill, 29 Oct 2026 (and 5 other results at the same level)

Accepted, by currency

EGP118.5bn
GHS1.9bn
KES122.5bn
MWK26.5bn
NGN509.4bn
UGX439.0bn
XOF59.0bn
ZMW3.1bn

Not converted. 3 results without a published amount are left out.

The week in brief · 29 Oct – 4 Nov 2026

In the seven days from 29 October 2026 to 4 November 2026, 12 auctions were recorded in 10 markets, with 35 results by tenor. Against each market’s previous sale of the same tenor, rates rose at every tenor sold in one (Egypt), fell at every tenor sold in two (Burkina Faso and Ghana), rose at some tenors and fell or held at others in four (Côte d’Ivoire, Kenya, South Africa and Uganda) and were unchanged in three (Malawi, Nigeria and Zambia). By result, 14 of 35 rose, 12 fell and 9 were unchanged. The largest change was Egypt’s 5-year floating-rate bond, up 120.9 basis points to 26.20% (previous sale 20 Oct 2026). Among the 25 tenors sold in both this week and the week before (22–28 Oct 2026), the largest move was Egypt’s 91-day bill, up 68.4 basis points to 25.00%. Bid cover, the bids received divided by the amount accepted, ranged from 1.00 (Zambia’s 91-day bill and 5 other results) to 19.35 (Uganda’s 91-day bill). Amounts accepted, by currency and not converted: EGP 118.5bn; GHS 1.9bn; KES 122.5bn; MWK 26.5bn; NGN 509.4bn; UGX 439.0bn; XOF 59.0bn; ZMW 3.1bn.

Written from the numbers by fixed rules, not by a person or a model, and rebuilt from the data every hour. Information, not advice.

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10 markets · 12 auctions

Market by market

Rates in percent a year, as each publisher measures them. Change in basis points (bp; 100 bp = 1 percentage point) from the previous sale of the same tenor, whenever it was. Amounts in millions of local currency.

Burkina FasoWAEMU

XOF

Sold: 3-year bond, 5-year bond. Accepted XOF 27,300.0m.

Treasury bonds · auction 4 Nov 2026Source: umoatitres.org

Tenor	Rate	Change, bp	Cover	Accepted, XOFm
3-year	6.93%	−8vs 7 Oct	1.22×	20,300.0
5-year	7.37%	−7vs 7 Oct	2.40×	7,000.0

Rate: weighted average yield of accepted bids, percent per annum; Treasury bonds (OAT) of a stated tenor of a year or more; the issuing country is in the issue field. Change: against the previous sale of the same tenor. Cover: bids received ÷ accepted. Source: UMOA-Titres (for the eight WAEMU treasuries).

WAEMU bonds Bonds APIlatest 12 months free; full history with a key

Côte d’IvoireWAEMU

XOF

Sold: 3-year bond, 5-year bond, 7-year bond. Accepted XOF 31,662.0m.

Treasury bonds · auction 3 Nov 2026Source: umoatitres.org

Tenor	Rate	Change, bp	Cover	Accepted, XOFm
3-year	6.26%	−11vs 27 Oct	1.49×	13,260.0
5-year	7.05%	+1vs 27 Oct	1.00×	13,200.0
7-year	7.17%	+6vs 27 Oct	1.11×	5,202.0

WAEMU bonds Bonds APIlatest 12 months free; full history with a key

Egypt

EGP

Sold: 91-day bill, 182-day bill, 364-day bill, 1.5-year bond, 3-year bond, 5-year bond. Accepted EGP 118,537.9m.

Treasury bills · value date 3 Nov 2026Source: cbe.org.eg

Tenor	Rate	Change, bp	Cover	Accepted, EGPm
91-day	25.00%	+68.4vs 27 Oct	2.20×	24,820.1
182-day	25.457%	+29.1vs 27 Oct	2.91×	22,511.2
364-day	26.076%	+16.4vs 27 Oct	2.71×	56,334.5

Treasury bonds · settlement date 3 Nov 2026Source 1 Source 2

Tenor	Rate	Change, bp	Cover	Accepted, EGPm
1.5-yearfixed-rate	24.75%	+32.1vs 20 Oct	3.52×	1,500.0
1.5-yearfloating-rate	26.00%	+25.1vs 27 Oct	2.22×	2,686.0
3-yearfixed-rate	24.69%	+25.8vs 27 Oct	4.24×	5,600.0
5-yearfloating-rate	26.20%	+120.9vs 20 Oct	1.26×	5,086.0

Rate: bills, weighted average yield of accepted bids; bonds, weighted average yield of accepted bids, percent per annum; fixed-coupon, zero-coupon and floating-rate bonds. Change: against the previous sale of the same tenor. Cover: bids received ÷ accepted. Source: Central Bank of Egypt; Central Bank of Egypt (for the Ministry of Finance).

Egypt bonds Egypt bills Bills CSV Full history: sign in with your key Bills API Bonds APIlatest 12 months free; full history with a key

Ghana

GHS

Sold: 91-day bill, 182-day bill, 364-day bill. Accepted GHS 1,917.7m.

Treasury bills · value date 2 Nov 2026Source: bog.gov.gh

Tenor	Rate	Change, bp	Cover	Accepted, GHSm
91-day	4.6013%	−1.2vs 26 Oct	1.23×	1,229.9
182-day	6.2629%	−3vs 26 Oct	1.07×	395.7
364-day	9.6039%	−7vs 26 Oct	2.10×	292.1

Rate: weighted average interest-rate equivalent. Change: against the previous sale of the same tenor. Cover: bids received ÷ accepted. Source: Bank of Ghana.

Ghana bills Bills CSV Full history: sign in with your key Bills APIlatest 12 months free; full history with a key

Kenya

KES

Sold: 91-day bill, 182-day bill, 364-day bill, 15-year bond, 30-year bond. Accepted KES 122,544.7m.

Treasury bills · value date 2 Nov 2026Source: centralbank.go.ke

Tenor	Rate	Change, bp	Cover	Accepted, KESm
91-day	8.7498%	+0.2vs 26 Oct	1.00×	40,556.9
182-day	8.8508%	−0.8vs 26 Oct	1.02×	5,221.4
364-day	9.0288%	+0.2vs 26 Oct	1.00×	5,907.0

Treasury bonds · settlement date 9 Nov 2026Source: centralbank.go.ke

Tenor	Rate	Change, bp	Cover	Accepted, KESm
15-yearFXD3/2019/015	12.7404%	+0.7vs 5 Oct	1.24×	29,904.8
30-yearFXD1/2026/030	14.1266%	−5.6vs 19 Oct	1.52×	40,954.6

Rate: bills, weighted average rate of accepted bids; bonds, weighted average rate of accepted bids, percent per annum. Change: against the previous sale of the same tenor (for Kenya’s bonds, the same bond line). Cover: bids received ÷ accepted. Source: Central Bank of Kenya.

Kenya bonds Kenya bills Bills CSV Full history: sign in with your key Bills API Bonds CSV Full history: sign in with your key Bonds APIlatest 12 months free; full history with a key

Malawi

MWK

Sold: 91-day bill, 182-day bill, 364-day bill. Accepted MWK 26,474.4m.

Treasury bills · value date 3 Nov 2026Source: rbm.mw

Tenor	Rate	Change, bp	Cover	Accepted, MWKm
91-day	12.00%	0vs 27 Oct	1.00×	41.2
182-day	14.50%	0vs 29 Sep	4.17×	107.2
364-day	16.00%	0vs 27 Oct	1.22×	26,325.9

Rate: average yield of allotted bids. Change: against the previous sale of the same tenor. Cover: bids received ÷ accepted. Source: Reserve Bank of Malawi.

Malawi bills Bills CSV Full history: sign in with your key Bills APIlatest 12 months free; full history with a key

Nigeria

NGN

Sold: 91-day bill, 182-day bill, 364-day bill. Accepted NGN 509,401.2m.

Treasury bills · value date 4 Nov 2026Source: cbn.gov.ng

Tenor	Rate	Change, bp	Cover	Accepted, NGNm
91-day	15.40%	0vs 28 Oct	1.12×	22,395.3
182-day	15.79%	0vs 28 Oct	1.03×	25,169.6
364-day	15.80%	0vs 28 Oct	4.32×	461,836.3

Rate: stop (issue) rate at the primary auction. Change: against the previous sale of the same tenor. Cover: bids received ÷ accepted. Source: Central Bank of Nigeria.

Nigeria bonds Nigeria bills Bills CSV Full history: sign in with your key Bills APIlatest 12 months free; full history with a key

South Africa

ZAR

Sold: 91-day bill, 182-day bill, 364-day bill. No accepted amounts published.

Treasury bills · value date 2 Nov 2026Source: resbank.co.za

Tenor	Rate	Change, bp	Cover	Accepted, ZARm
91-day	7.28%	+12vs 26 Oct	—	—
182-day	7.39%	−1vs 26 Oct	—	—
364-day	7.42%	−4vs 26 Oct	—	—

Rate: average rate at which bills are allotted in the weekly auction. Change: against the previous sale of the same tenor. Cover: bids received ÷ accepted. Source: South African Reserve Bank.

South Africa bills Bills CSV Full history: sign in with your key Bills APIlatest 12 months free; full history with a key

Uganda

UGX

Sold: 91-day bill, 182-day bill, 364-day bill. Accepted UGX 439,012.9m.

Treasury bills · value date 5 Nov 2026Source: bou.or.ug

Tenor	Rate	Change, bp	Cover	Accepted, UGXm
91-day	11.202%	−4.7vs 22 Oct	19.35×	4,234.9
182-day	13.001%	−39.9vs 22 Oct	5.88×	10,251.3
364-day	14.75%	+25.1vs 22 Oct	2.20×	424,526.7

Rate: money-market yield at the cut-off price. Change: against the previous sale of the same tenor. Cover: bids received ÷ accepted. Source: Bank of Uganda.

Uganda bonds Uganda bills Bills CSV Full history: sign in with your key Bills APIlatest 12 months free; full history with a key

Zambia

ZMW

Sold: 91-day bill, 182-day bill, 364-day bill. Accepted ZMW 3,090.1m.

Treasury bills · value date 29 Oct 2026Source: boz.zm

Tenor	Rate	Change, bp	Cover	Accepted, ZMWm
91-day	8.50%	0vs 15 Oct	1.00×	894.9
182-day	9.10%	0vs 15 Oct	1.01×	658.7
364-day	10.00%	0vs 15 Oct	1.00×	1,536.5

Rate: cut-off yield rate at the auction. Change: against the previous sale of the same tenor. Cover: bids received ÷ accepted. Source: Bank of Zambia.

Zambia bonds Zambia bills Bills CSV Full history: sign in with your key Bills APIlatest 12 months free; full history with a key

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How this page is made

The week is the seven days ending on the newest result date in any market (29 Oct – 4 Nov 2026); the week before is 22–28 Oct 2026. Dates are as each publisher records them: Treasury bills by value date, Egypt and Kenya bonds by settlement date, and other bonds by auction date, so an auction held late in one week can appear in the next. An auction is one market’s sale of bills or of bonds on one date. Bid cover is bids received divided by the amount accepted. Amounts are added up within each currency and never converted. Kenya’s bond buybacks are left out; switches are shown and marked. WAEMU bonds are shown by issuing country.

Source: the central banks and treasuries named on each card, linked to their notices. Afronomics compiles and checks; the publisher is the source. Information, not advice.

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The week in numbers

The week in brief · 29 Oct – 4 Nov 2026

Market by market

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