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Here is the impact on cash flows, for 2-y to 5-y bonds, calculated using the last bond auction results. Note, 1. how duration shortens across each tenor, 2. how the net present value of the cash flow changes at cash flow dates is negligible (in fact, if it weren't for rounding off errors, the net present value is zero), and 3. how, based on the last auction yields, the reinvestment benefit (in % terms) is significantly skewed towards the shorter end of the bond curve (3-y bond in particular). #zambia #kwacha #zmw #boz #mof #mofnp #bonds #coupons #yields #investments #taxpayments #witholdingtax #handlingfees #capitalgains