Mozambique Treasury bills · auction of 2 May 2018
Mozambique T-bill auction, 2 May 2018: 364-day at 15.88%, down 2 bps
At the Treasury bill auction dated 2 May 2018, the Banco de Moçambique cleared the 91-day bill at 16.10% (down 10 basis points), the 182-day bill at 16.10% (up 1 basis point) and the 364-day bill at 15.88% (down 2 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 707m against MZN 2.5bn on offer, 28% of the amount sought, and MZN 707m was accepted.
At 15.88%, the 364-day rate is the lowest in the 48 auctions of the past year.
A year earlier the 364-day bill cleared at 28.22%, so the government is paying 1234 basis points less than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 15,880 in 12 months on the 364-day bill
Put MZN 100,000 into the 364-day bill at this auction and you get back MZN 115,880 after 12 months: MZN 15,880 in interest before any withholding tax, about MZN 1,323 a month.
That is MZN 20 less than the same money would have earned at the previous auction.
For shorter money: MZN 8,050 on the 182-day bill (6 months), MZN 4,025 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is Mozambique’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 16.100% | 16.200% | MZN 500m | MZN 200m | MZN 200m |
| 182-day | 16.100% | 16.090% | MZN 1.00bn | MZN 157m | MZN 157m |
| 364-day | 15.880% | 15.900% | MZN 1.00bn | MZN 350m | MZN 350m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 2 May 2018, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2018-05-02
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