Malawi to issue $36 million 3-year bond - c.bank

Malawi will issue a three-year bond worth 5 billion Malawi kwacha on June 25, Reserve Bank of Malawi said on Wednesday, six months after parliament forced government to withdraw its a 5-year bond.

The central bank said in a statement the bond would have a fixed rate of 10 percent, with interest payable twice a year. The proceeds would be used to fund development projects, it said.

In January, the bank withdrew a five-year bond after legislators demanded that government explain the purpose of the bond.

Currently, the government raises money from 30 days, 181 days and 272 day-Treasury Bills.