Bond Reopenings: Why the Same Bond Appears at Many Auctions
One bond, many auctions: how reopenings work and why they help investors.
Published 12 Oct 2026 · 2 min read
Look through Treasury bond results and you will see the same bond number again and again. That is a reopening: the Government sells more of an existing bond instead of creating a new one.
What stays the same, what changes
Stays the same: the bond number, the coupon, the coupon dates and the maturity date. Every unit of the bond is identical, whichever auction it was bought at.
Changes: the price and yield at each auction, which follow the market on the day.
A real example
The 12.25% 15-year bond No. 696 was auctioned on 18 February, 19 August and 30 September 2026 in our records. Its 30 September notice calls it Issue 58 (BoT notice), showing it has been offered many times. Each auction has its own result, price and yield.
Why the Government reopens bonds
Fewer, larger bonds are easier to trade on the stock exchange: more units of the same bond means more buyers and sellers.
It keeps the list of outstanding bonds simpler.
Investors get a clear price history for one security over time.
What it means for you
If you buy at a reopening, you get the same coupons and maturity as everyone else holding that bond.
Because time has passed since the bond was first issued, the years left are fewer than its original tenor. Check the maturity date, not only the name.
Your price may include accrued interest: the coupon earned since the last payment date, which you pay now and get back in the next coupon.
Seeing reopenings on UCHUMIKA
Each bond page has a reopening timeline: one dot per auction, sized by the amount tendered and coloured by bid-to-cover, so you can see how demand for the bond has changed. Browse them from Treasury bonds.
This article is for education only and is not investment advice. Examples marked as illustrations are not current rates. Confirm terms in the official Bank of Tanzania notice and speak to a licensed adviser before you invest.