According to a prospectus issued by the National Bank of Rwanda (BNR), the fixed coupon bond, designated FXD 9/2025/10YRS, will be issued on April 23, 2025, and will mature on April 13, 2035.

The proceeds will be directed towards development of infrastructure projects and efforts to deepen the country’s capital markets.

The interest rate will be determined at the close of a book-building process on Wednesday, April 23, 2025 at 4:00 PM Kigali time. Semi-annual interest payments will commence on October 24, 2025.

The bond is open to both resident and non-resident investors with a Central Securities Depository (CSD) account, and the minimum investment is FRW 50 million for competitive bids and FRW 100,000 for non-competitive bids.

“The allotment process will cater to both retail and institutional investors, following EAC common market protocols,” BNR stated. Bids will be accepted from April 21 to April 23, with results expected by 5:00 PM on issuance day. Settlement is scheduled for April 25.

Fitch ratings in November 2024 maintained Rwanda’s long-term foreign-currency issuer default rating at ‘B+’ with a stable outlook, citing strong governance and sound macroeconomic management.

The Rwandan government has doubled efforts to mobilize domestic resources, with treasury bonds increasingly becoming a primary tool for budget support and economic resilience. The economy expanded by 7.6% in 2024, underpinned by growth in services, agriculture, and construction.

Analysts say Rwanda’s continued success in the domestic bond market reflects investor confidence in the country’s long-term economic fundamentals and disciplined fiscal management. Previous issuances, including the FXD 6/2021/7YRS and FXD 4/2020/15YRS bonds, were oversubscribed.

The Government of Rwanda is set to raise Frw 10 billion through a new 10-year treasury bond.