Understanding Zambia's New GRZ Bond Issuance Model in 2024
Zambia's GRZ Bond market changed fundamentally in 2024 when the Bank of Zambia shifted to a new par value issuance method — and if you invest in Zambian Government Bonds, this change directly affects how your returns are calculated and what you actually earn.
This video breaks down exactly what changed, what par value (face value) issuance means, how it differs from the old system, and how to calculate your returns correctly under the new model. It also covers the Primary Market vs Secondary Market for GRZ Bonds, Yield to Maturity (YTM), and the impact on Treasury Bills investors. Whether you already hold GRZ Bonds or are planning to invest for the first time, understanding this update is essential before placing your next bid.
🕒 CHAPTERS
0:00 – Introduction: Bank of Zambia Announces New Bond Issuance Method
2:30 – What Changed? Old vs New GRZ Bond Issuance System
5:00 – What Is Par Value / Face Value Issuance?
8:00 – How the New Method Affects Your Return on Investment
11:30 – Understanding Coupon Rate Under the New System
14:00 – Primary Market vs Secondary Market for GRZ Bonds
17:00 – How to Calculate Returns Under the New Par Value Method
21:00 – Yield to Maturity (YTM) Explained
24:00 – Impact on Treasury Bills (T-Bills) Investors
27:00 – What Should Existing GRZ Bond Investors Do?
30:00 – Final Tips & Investor Guidance
32:00 – Q&A Summary
📌 QUESTIONS ANSWERED IN THIS VIDEO
• What is the new GRZ Bond issuance method announced by the Bank of Zambia?
• What does "par value" or "face value" issuance mean for Zambian bonds?
• How does the new system change my bond investment returns?
• What is Yield to Maturity (YTM) and how is it calculated?
• How does the change affect Treasury Bills (T-Bills)?
• Should I still invest in GRZ Bonds under the new issuance method?
• What is the difference between the Primary Market and Secondary Market for bonds?
• How does coupon rate work under par value issuance?
📊 KEY CONCEPTS COVERED
• GRZ Bonds (Government of the Republic of Zambia Bonds)
• Bank of Zambia (BOZ) bond issuance policy
• Par value / face value issuance method
• Coupon rate and semi-annual interest payments
• Yield to Maturity (YTM)
• Primary Market bond auctions
• Secondary Market bond trading
• Treasury Bills (T-Bills) — short-term Zambian government debt
• Zambian Kwacha (ZMW) fixed income investing
• Return on investment calculation for GRZ Bonds
• Impact of IMF debt restructuring on Zambian bond market
🌍 WHY THIS MATTERS FOR ZAMBIAN INVESTORS
The Bank of Zambia's shift to par value issuance represents a fundamental change in how GRZ Bonds work. Understanding the new system is critical for any Zambian investor looking to preserve capital, earn predictable fixed income, and navigate the evolving Zambian bond market correctly.
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Mukonki Mukonkela is a Chartered Accountant (FCCA, FZICA), investor, finance trainer, founder of Insight Partners Africa, and creator of the PATH Investing Framework™. Through Ndalama Insights, she helps Africans build wealth with confidence through practical investing education and sound financial decision-making.
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