Market Intelligence — Asset Class

Government Securities

Treasury bills and bonds — the shilling risk-free curve
Source of truth: Bank of Tanzania auctions · data as at early 2026
Source of truth — Bank of Tanzania
The Bank of Tanzania conducts the Treasury bill and bond auctions on behalf of the government and publishes the results — the weighted-average yields here are the reference (bot.go.tz/TBills · /TBonds).
9–12%
Yield range (TZS)
11.30%
10-yr bond WAY · Jan 26
~50%
T-bill oversubscription
~6–8%
Real yield (vs ~3.3% CPI)

Tanzanian government securities form the shilling risk-free curve — yielding roughly 9–12% across tenors, with auctions consistently oversubscribed, a sign of deep domestic demand for high real yields.

The picture
  • Attractive real yields. With inflation around 3.3%, nominal yields of 9–12% imply real yields of roughly 6–8% — high by global standards.
  • Strong, rising demand. Every T-bill auction from October 2025 to January 2026 was oversubscribed, with oversubscription climbing from ~32% to ~50%.
  • The long end is well bid too. The January 2026 10-year bond cleared at a weighted-average yield of 11.30% and was ~34% oversubscribed.
  • The benchmark for everything else. These yields are the discount rate against which equities, credit, and the iGrowth/iIncome trade-off are judged.
T-Bills
35 / 91 / 182 / 364-day
short-end, WAR per auction
T-Bonds
2–25 year
long-end, fixed coupon
11.30%
10-yr WAY
Jan 2026
9–12%
Curve range
How to access them

Government securities are bought through the Bank of Tanzania’s periodic auctions, typically via a licensed broker or bank. T-bills suit short horizons and cash management; longer bonds lock in a yield for years. The exact weighted-average yield for each tenor is published with every auction by the BoT.