How to Read a Treasury Bond Auction Result, Line by Line
A real result from the 30 September 2026 auction of the 15-year bond No. 696, explained figure by figure.
Published 12 Oct 2026 · 2 min read
A bond auction result is a short table of numbers. Each one answers a simple question. We use a real result: the 12.25% 15-year Treasury bond No. 696, auctioned on 30 September 2026 (see the full result).
How much did the Government want, and how much did investors offer?
Amount offered: TZS 207.27 billion. What the Government planned to borrow.
Total tendered: TZS 504.13 billion. The total of all bids received.
Amount accepted: TZS 196.51 billion. What the Government actually took. It can be less than offered when the bids at acceptable prices do not fill the full amount.
How strong was demand?
Bid-to-cover: 2.43. Total tendered divided by the amount offered (504.13 ÷ 207.27). Investors bid about 2.4 times what was on offer. Read more in our bid-to-cover guide.
Bids received: 312; successful bids: 208. Most bids were accepted; the rest were at prices the Government did not take.
What price and yield did the market set?
Weighted average yield: 10.7907%. The average return of the accepted bids, weighted by amount. This is the headline number.
Weighted average price: 110.5120. The average price per 100 of face value.
Lowest accepted price: 109.6647. The cut-off: competitive bids below this price were not accepted.
Why is the price above 100?
The bond's coupon is 12.25%, but the market only asked for a yield of about 10.79%. When investors accept a yield below the coupon, they pay more than face value: the extra price is offset by coupons that are higher than the market rate. A price of 110.51 means TZS 1,000,000 of face value cost about TZS 1,105,120 before accrued interest. See why bonds sell above or below 100.
Where to look next
Compare with earlier auctions of the same bond on its bond page.
Watch the yield for the tenor over time on yield trends.
Every figure on UCHUMIKA comes from BoT's published result and links to its source.
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.