In the first six months of 2026, the Mozambican government swapped approximately 479.8 million euros in Treasury Bonds (OT) due this year through five swap auctions held on the Mozambique Stock Exchange (BVM).
According to Lusa, the most recent transaction, designated OT-2026-S5, took place on June 23 and enabled the exchange of an additional 10.4 million euros, according to BVM data.
These operations allow the government to replace debt maturing in 2026 with new Treasury Bonds with maturities of up to five years, bearing interest rates exceeding 13%. For 2026, the government plans to carry out 18 Treasury Bond issuances, totaling 456.6 million euros, as well as nine bond exchange transactions involving securities maturing this year, totaling 610 million euros.
According to a decree from the Ministry of Finance, the “Treasury Bonds – 2026” will be issued through the Mozambique Stock Exchange. The document further stipulates that the issuer may conduct liability management operations, through exchange auctions or repurchase transactions, without affecting the previously set issuance limit.
The law adds that reopening auctions may also be held in order to provide greater flexibility in the management of the Treasury Bond portfolio, without affecting the official issuance schedule.
The swap auction schedule includes nine issues of Treasury Bonds maturing in 2026, corresponding to four issues from 2021, four from 2022, and one from 2023.
In October 2025, Finance Minister Carla Loveira stated that public debt sustainability is “one of the greatest challenges” facing the Mozambican economy, adding that the government is implementing reforms aimed at ensuring sustainable debt management.
In this context, the government has hired the U.S. consulting firm Alvarez & Marsal to assist in drafting the public debt restructuring plan and the 2026–29 Public Debt Strategy.
