The National Bank of Rwanda has announced the issuance of a seven-year fixed coupon treasury bond, with a total value of Rwf20 billion, scheduled for bidding on October 23, 2024, the lender said in a prospectus.
According to the document, the bond aims to fund key infrastructure projects and foster capital market development. The issuance, part of Rwanda’s ongoing efforts to tap into capital markets for national development, is set to attract both domestic and regional institutional investors.
BNR confirmed the bond’s competitive bidding process, allowing investors to submit bids starting from Rwf50 million for institutional bidders, and Rwf100,000 for non-competitive bids. Interest on the bond will be paid semi-annually, starting from April 25, 2025, through its maturity on October 17, 2031, according to the prospectus.
The coupon rate will be determined upon the close of book building, slated for 4:00 pm Kigali time on October 23, 2024. Secondary trading is expected to begin on October 29, 2024, on the Rwanda Stock Exchange, with BNR prepared to rediscount the bonds at prevailing market rates if required.
