DAR ES SALAAM, Nov. 12 -- THE governments 15-year bond auction today is expected to draw mixed investor sentiments, signalling a policy shift toward aligning returns with market yields and prompting a reassessment of return expectations.

Zan Securities Advisory and Research Manager Mr Isaac Lubeja said the investor sentiment follows a coupon reduction from 14.5 per cent to 12.75 per cent.

“From a retail investor standpoint, demand may ease slightly as this segment remains highly sensitive to nominal coupon levels,” he said.

He said a lower fixed coupon can reduce perceived attractiveness despite potentially competitive yields in the secondary market.

Conversely, institutional investors including pension funds, insurance co...