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Think of banks like shops, and money is what they sell. When it costs them more to get money, they raise loan rates to stay profitable. That’s what Stanbic, Absa, and Access Bank just did. If you have a loan, repayments may go up. But if you invest in banks, you can grow with the system.

No default events (on bonds or loans) have been recorded since 1983. Government paid about P2 billion for a maturing bond in March.

Under-allocation of longer-dated instruments has been notable, as investors say the Bank of Botswana is reluctant to offer higher rates

The increased quantum for bonds is a notable shift from previous auctions, where T-bills dominated