DAR ES SALAAM, Jan. 15 -- GOVERNMENT bond auctions last year appeared orderly, but secondary market trading quickly exposed liquidity stress and timing risks that are reshaping return expectations for investors.

At issuance, pricing appeared stable, with bonds clearing auctions along a normal upward-sloping yield curve and long-dated papers attracting solid demand.

That calm faded in secondary trading, where yields moved higher, most sharply at the short end, pointing to selling pressure and liquidity stress rather than a shift in sovereign risk.

Alpha Capital Chief Executive, Mr Gerase Kamugisha, said the divergence between primary auction yields and secondary market pricing reflects market structure rather than a sudden change in sov...