SOLOMON Stockbrokers

1.       Issuer

United republic of Tanzania

2.       Amount

Competitive          Non – Competitive

TZS 82.00 Billion     TZS 0.92 Billion

3.       Auction Date

 17 July 2024

4.       Procedure for Bidding

Bids will be submitted online through Central Depository Participants and the process will be closed at 11:00 A.M on the auction date.

5.       Price per TZS 100

To be quoted at a discount to four (4) decimal places.

6.       Minimum bid size

TZS 1,000,000 in multiples of TZS 100,000

7.       Auction Results

Auction results shall be made available on the Bank’s Website and at the Depository Participant’s offices immediately after the auction.

8.       Settlement Date

18 July 2024 (T+1)

9.       Coupon

Fixed at 9.18% p.a.

10.   Redemption Date

17 June 2026

11.   Tax

Interest Income Is Exempted from withholding tax

12.   Currency

13.  Day count convention

14.  Trading

 15. Interest Payment Date

Tanzania Shillings (TZS)

Actual/365

Secondary trading in multiples of TZS 100,000 to commence on Friday 19 July 2024

Semi-annually from issue date

First Interest Date: 16 December

Second Interest Date: 17 June

 16. Defaulters

Successful bidders who fail to honor their obligations on time will be disqualified from participating in the subsequent auctions for a minimum period of one (1) month

 17. Payment Adjustment

When Redemption or Interest payment falls on weekend or public holiday, the payment shall be made in the following business date.

18. Key Note

Bids are submitted with accrued interest (dirty price). The final price will include accrued interest in item 10 above (dirty price). For example, if your bid clean price is TZS 100.000, the dirty price will be TZS 100.7797