The Gambia will auction 2bn GMD (€23.7mn) of new three-year bonds on November 13, with the coupon set by the bids it accepts, to fund debt re-profiling and domestic financing, according to a Central Bank of The Gambia prospectus. The sale opened on October 29. The previous three-year issue, in July, raised 1.5bn GMD at a coupon of 18.03%, the central bank said.
Analysis: The offering is a third larger than July's three-year issue, despite a weaker market for longer debt. An October 14 auction sold only 61.7% of its 1.5bn GMD (€17.8mn) five-year target, at a 19.82% coupon. Extending maturities remains important: 76.3% of domestic debt was due within one year at the end of June, according to the central bank. Investors will compare the new three-year coupon with July's 18.03% and one-year bills yielding 9.63%. The November 13 outcome will indicate whether demand can absorb the larger sale, and at what cost.
Source: Central Bank of The Gambia (CBG), Central Bank of The Gambia, Prospectus for the issue of a new 3-year Gambia Government Bond (auction November 13, 2026), Auction of November 13, 2026; Central Bank of The Gambia (CBG), Banking & Payment Systems Department, Central Bank of The Gambia, Auction Result for the 18.03% GG July 2026 FXD 3/2026/3-Year Bonds (dated July 29, 2026), Auction for issue of July 30, 2026; Central Bank of The Gambia (CBG), Banking & Payment Systems Department, CBG, Auction Result for the 19.82% GG October 14, 2026, FXD 6/2026/5-Year Bonds, Auction of October 14, 2026; Central Bank of The Gambia (CBG), Central Bank of The Gambia, Auction Results page (Table view, auction of October 28, 2026), Auction of October 28, 2026; Central Bank of The Gambia (CBG), Central Bank of The Gambia, Monetary Policy Report, August 2026 (posted September 25, 2026), End-June 2026; Central Bank of The Gambia (CBG), Central Bank of The Gambia, Official exchange rates for valuation purposes, November 2, 2026, November 2, 2026