The government of Rwanda through National Bank of Rwanda (BNR) will on November 23 issue a three-year fixed coupon treasury bond worthy Rwf15 billion, aims at raising money for the ongoing infrastructure projects.
The bond market will open on November 21st and close on November 23rd 2016, while settlement will be done on November 25th 2016. The bond will later be listed on the Rwanda Stock Exchange on November 28th 2016.
Competitive bids begin at Frw50,000, 000 with the minimum bid at Frw100,000. The coupon interest is paid semi-annually. The rate will be determined by competitive bidders and non-competitive bidders will get the weighted average rate of the market.
Rwanda has been issuing bonds as part of a plan to develop its tiny capital market and fund infrastructure projects. Rwanda is trying to cut its dependence on donors to finance its national budget.