The Mozambican state raised nearly $130 million through the third treasury bond exchange operation carried out this year, as part of its public debt management strategy, according to data released by the Mozambique Stock Exchange (BVM).
According to Lusa, the operation, designated OT-2026-S3, was completed on 9 June and resulted in the issuance of securities worth $129.5 million. The initiative involved the exchange of Treasury Bonds issued in 2021 and 2022 for new instruments with a five-year maturity and a fixed nominal interest rate of 13.25%, maturing in June 2031.
The BVM stated that the operation had a maximum target of $141.3 million. In the first subscription period, demand reached 91.63% of the available offer, which was fully met. In the second period, reserved for new subscriptions, no participation was recorded.
This is the third debt exchange operation carried out by the state in 2026. In April, the government raised around $153 million through the OT-2026-S2 issuance, aimed at exchanging liabilities with a three-year maturity and a 13.25% interest rate.
Previously, in February, the state raised about $22 million in the first issuance of the year, linked to the exchange of Treasury Bonds issued in 2021. The OT-2026-S1 operation had a three-year maturity and a fixed nominal rate of 13.5%, maturing in February 2029.
The government’s annual plan foresees 18 Treasury Bond issuances in 2026, totalling $456.6 million. In parallel, nine debt exchange operations are scheduled, valued at $610 million.
According to the Ministry of Finance, these operations allow the state to manage its debt profile more efficiently by replacing near-maturity securities with longer-term financial instruments. The legal framework governing issuances also provides for buybacks and reopening operations, aimed at increasing flexibility in debt portfolio management.
The 2026 exchange calendar includes four issuances from 2021, four from 2022, and one from 2023, all maturing this year. Finance Minister Carla Louveira stated in October 2025 that public debt sustainability remains one of the main challenges of the Mozambican economy, adding that reforms are underway to strengthen its sustainable management.
In this context, the government has hired US consultancy Alvarez & Marsal to support the preparation of a public debt restructuring plan and the Public Debt Strategy for the 2026–2029 period.
Source: Diário Económico
