I. What you need to know about
Treasury bonds ?
 A Treasury Bond/Government bond is a
debt instrument issued by a national
government through the Central Bank in
its capacity of Government agent,
generally with a promise to pay periodic
interest payments and to repay the face
value on the maturity date.
 Government
bonds
are
usually
denominated in the country's own
currency. Bonds issued by national
governments in foreign currencies are
normally referred to as sovereign bonds,
although the term "sovereign bond"
may also refer to bonds issued in a
country's own currency.
 The terms on which a Government can
sell bonds depend on how creditworthy
the market considers it to be. They are
issued on quarterly basis for more than
one year maturity period. The Treasury
Bonds’ maturity period is likely 2, 3, 5,
7, 10, 15 years or more.

In case of Rwanda, the Treasury
bonds are issued through the National Bank
of Rwanda (the Central Bank) for the
Government to finance and implement its
infrastructure projects or the monetary policy
purposes.

II. Why to buy Treasury
bonds ?
 It is an advisable kind of saving for
your children’s school fees, retirement
or any other project and an investment
opportunity with attractive benefit for
any economic operator (Individuals,
banks, public or private enterprises and
any other interested entity) laying out
surplus of treasury.

They are risk free investments
(since guaranteed by Central Bank and
Government), their interests are biannually
payable and the capital is refunded in full at
the maturity date.

In case of one needs back her/his/its
money before the maturity date, the
Treasury bonds can be traded on the
secondary market. They are likely liquidity
since they can be sold anytime on Rwanda
Stock Exchange.

They generate income or profits at
the satisfactory level.

Tax incentive: -Withholding tax on
interest has been reduced from 15% to 5% for
EAC resident tax payers investing in three years
and above.

They can be pledged as collateral
for loan.
 Not only this investment is one of the
ways to achieve the self-reliance and
dignity,
to
contribute
to
the
development of Government large-scale
projects like roads, energy, health
infrastructures just to name them but
also to target profits.
III. How and when to buy
Treasury bonds?
 A wish to invest in Treasury Bonds;
 The minimum amount of FRW 100,000
on your bank account as the lowest
value of the Treasury bond. In case of
an investor who wishes to invest more
money, he/she/it shall be requested to
use a multiple of FRW 100,000 like 200
thousand, 300 thousand, one million,
ten million, and so on;
 The Treasury Bonds are electronically
registered and secured within the
National Bank of Rwanda. In this
regard, a Central Securities Depository
(CSD) account shall be opened with
BNR through your local bank or with
the assistance of stock exchange brokers
available at RSE. It is nothing but to
produce your identification and the
value of the Treasury Bonds in need.
IV. How to know whether
Treasury bonds are issued
and how to participate?
 Before the market date, a public offer is
made by the National Bank of Rwanda
through a document commonly known
as “PROSPECTUS” containing all
details related to the issuance of the
Government Treasury. It indicates all
information including the issuer of
Treasury Bonds, the issuance date, the
amount, the maturity date, and the
repayment date as well as the limit time
for bids to reach BNR.
 For the sake of issuance of the Treasury
Bonds awareness and public education,
the National Bank of Rwanda uses local
and international media, road shows
countrywide and within the region.
 Every interested person is free to buy
the Treasury bonds. After he/she/it has
filled in the forms attached on the
document contain details specifying the
number and the corresponding amount
of the Treasury bonds with the
assistance of a stock exchange broker,
the bids forms duly signed by the bidder
must be submitted to the National Bank
of Rwanda through any licensed
commercial banks or Capital Market
intermediaries.
 In case of a natural or legal person who
invests fifty million Rwandan francs
(Frw 50,000,000) and above, he/she/it
shall be qualified as a competitive
bidder. Only the confrontation of the
competitive bids determine the price
which shall also apply to investors with
a smaller amount.
 After going through the bids, the global
results of the issued Bonds will be
published
at
BNR
website:
www.bnr.rw.
 For Successful bidders, the results
should be sent by any means including
e-mail after providing with BNR the
equivalent of the won Treasury Bonds,
the interest rate, maturity and the total
interests.
 As above mentioned, the Treasury
Bonds shall be electronically registered
and secured within the National Bank of
Rwanda in the names of the buyer,
market number, maturity period, market
value and profitability index.
V. How to recover one’s
money?
 An investor who needs back her/his/its
money before the maturity date,
he/she/it is advised to trade the Treasury
bonds on the secondary market at
Rwanda Stock Exchange with the
assistance of brokers. The Treasury
Bonds holder acquires the market price
and the transfer process is carried out
electronically by the National Bank of
Rwanda as earlier mentioned.
THUS DO NOT MISS THIS
OPPORTUNITY
NNAATTIIO
ONNAALL BBAANNKK O
OFF W
WAANNDDAA
For more detailed information on the
practical methods of subscription and
negotiation of the Treasury bonds, you may
contact your local banks or the Financial
Markets Department at the National Bank
of Rwanda (Central Bank of Rwanda):
*From a mobile : 0788300134
*From a mobile : 0786182365
*From a mobile : 0788501230
- BNR’s website:
http://www.bnr.rw
FOR YOUR FINANCIAL
INVESTMENT
CHOOSE THE TREASURY BONDS
Liquid, no risk and good profits