Sierra Leone will offer 59mn SLE (€2.31mn) of two-year Treasury bonds on November 13, about half the 115mn SLE (€4.51mn) it offered on October 22, the Bank of Sierra Leone said. That October sale raised 100mn SLE (€3.92mn). At its November 5 auction, the government sold 678mn SLE (€26.6mn) of one-year bills, 29% more than offered, at a yield of 17.03%.
Analysis: Demand differs by debt maturity. Investors have bought more one-year bills than offered for three straight weeks. Meanwhile, the two-year bond sold 13% less than offered in October. The central bank offered no reason for the smaller bond offer. A smaller sale could, however, spare the government from paying more than the 18% it accepted on the bond in October, against about 17% on one-year bills. The cost is more debt to refinance within a year. The November 13 auction should show whether the smaller offer is fully taken up.
Source: Bank of Sierra Leone, BSL Treasury Bills and Bond Announcement (5 11 2026), Auction of 5 November 2026 and Auction of 13 November 2026 and Auction of 12 November 2026; Bank of Sierra Leone, BSL Treasury Bills and Bond Announcement (29 10 2026), Auction of 5 November 2026 and Auction of 29 October 2026; Bank of Sierra Leone, BSL Treasury Bills and Bond Announcement (22 10 2026), Auction of 22 October 2026; Bank of Sierra Leone, BSL Treasury Bills and Bond Announcement (15 10 2026), Auction of 22 October 2026; Bank of Sierra Leone, BSL Treasury Bills and Bond Announcement, 15 October 2026, Auction of 22 October 2026; Bank of Sierra Leone, BSL Q4 FY2026 Treasury Securities Auction Calendar, Auction of 29 October 2026