The Molecule

My retweets are not endorsements.

@mutachali @FollowbackZed @ZevyanjiSinkala @ZambiaElections Stop taking African politicians for your heroes.

@ZachPasha @FollowbackZed @ZevyanjiSinkala @ZambiaElections Just because there have never been doesn’t justify him doing it… HH was supposed to be a revolutionary leader why are subjecting him to leadership that we considered failed? We expected better from him

Congratulations to the Immediate past Board chair for Zambia Airports Corp ,UPND cadre and aspiring Candidate for Luanshya @ZevyanjiSinkala on you appointment as Commissioner at @ZambiaElections. Elections are a very emotive issue, I pray you behave yourself at ECZ giving your track-record. Cc - @zambianwhistle @RTerzeon @EUAmbZambia

@mutachali @FollowbackZed @ZevyanjiSinkala @ZambiaElections FYI sir, there has never been an ECZ free from such maneuvers since independence. For the fact that the president will keep an hand in the appointing of who takes those higher rank8ng roles in it, this trend will continue.

@ZachPasha @FollowbackZed @ZevyanjiSinkala @ZambiaElections Whether he chose or not isn’t necessarily… are we just gonna pretend that they didn’t appoint a UPND member

Now imagine if Trade kings, Dangote Cement, North Western Power, Ndola Energy, and Mount meru was to list ? The market can grow.

@ArmstrongKamwi @CollinsRains Bemba is found in Northen and Muchinga

@CollinsRains And bemba?

I was lectured that we have 72 tribes not languages. So how many languages do we have in Zambia?

@DavidKa07247477 Yes💯....The late Raila Odinga had a good starts. He would have ended up a very powerful business mogul if not for politics. We need more Dangotes indeed.

Africa needs more Dangotes. 🙌💪

@WillyNgulube Merry birthday to you good sir. Enjoy!

Hallelujah Glory To God Almighty. I Am Officially 50th Years Today. It's My GOLDEN JUBILEE. Colleagues, Friends, Love Ones And Family Members, Join Me And My Family To Thank This Great And Mighty God For His Faithfulness And Mercies Upon My Life.🙏🙏🙏

@FxMalume I think these guys know what they're doing. Their growth is testament enough to earn an investors trust. I've done a bit of them. I will see if this week the offer volumes still remain to get enough at the current initial price .35ngwe

@ZachPasha 😂😂 twingishepo pa Klaptone ai? 😅

Today just has to be a beautiful day 🤗😅

The Bank of Zambia held its March 2026 bond auction today. Same offer as February: K4.20bn across five tenors. The results tell a different story. February 13: K21.34bn in bids. Subscription 5.08x. March 27: K3.26bn in bids. Subscription 0.78x. Bid volume fell 85 per cent in six weeks. The 15-year is the sharpest signal. In February, K8.82bn in bids competed for K560 Mn. Today, K347 Mn against K700 Mn offered. Bid-to-cover: 0.50x. The BoZ rejected roughly K95 Mn rather than accept yields above 17.59 per cent. The tenor that attracted the most aggressive offshore positioning in February is now the weakest in the auction. Cut-off yields: 2Y 14.50%, 3Y 14.90%, 7Y 16.00%, 10Y 16.60%, 15Y 17.59%. Flat to February. The 200 to 350 basis points of compression room we identified on the 10-year in The Forecast Is Not the Evidence (from 16.60% toward a peer-implied 13 to 14%) remains unused. The repricing has stalled. In February, of the K9.88bn allocated, approximately K6.8bn went to non-resident investors: 69 per cent. In The Forecast Is Not the Evidence, we noted that some of that offshore bid was likely front-loaded rollover: non-residents whose maturities fall due in June or December moving early, fearing yields would compress. Today's K3.12bn allocation suggests that pull-forward demand has been spent. The offshore bid that masked the transmission failure in February did not return. That is a rubber stamp on our view: the February oversubscription was a liquidity event driven by offshore conversion. It was not transmission. Context matters. According to the maturity profile on the Reuters dealing platform, January had K6.80bn in bond maturities providing recycling demand. March has none. The next significant maturities fall in June and December. Today's auction had no maturing cash flowing back to investors. This is one auction, and it may not be a coincidence that it falls in the lightest maturity month in the calendar. The unsuccessful yield ranges are instructive. The 15-year stretches to 26.00 per cent, the 10-year to 18.00 per cent. Exchange rate risk is one explanation, particularly if the Iran situation prolongs, though BoZ reserves are healthier than in previous episodes. It could be fiscal pressure: the IMF flagged early 2026 revenue concerns, and 2025 GDP landed at 3.8 per cent against expectations of 4.5 to 5.2 per cent. It could be the global risk environment. It could be exhausted demand. Or yields have simply found a floor. Future auctions will test which. The only oversubscribed tenor was the 7-year at 1.11x. Domestic institutions concentrate in the 2-to-5-year range. It was smart not to offer a 5-year bond, directing demand toward the 7-year. We could see both the 5-year and 7-year excluded from future offers as the government extends the maturity profile. In The 2026 Refinancing Wall, we argued the bond market is structurally dependent on the offshore bid, and the domestic market cannot substitute at scale. Today confirms it. As we head into Q2, the question sharpens: if a standard auction cannot fill K4.20bn, can switch auctions absorb rollover volume? They face the same demand constraint unless they offer materially better terms. If this sustains in the next auction, the May MPC now faces pressure from two directions: corridor trap on the T-bill side, absorption pressure on the bond side. Both pressures push toward easing for fiscal reasons, not inflation evidence. If monetary policy loosens to fill an auction gap, the BoZ sacrifices transmission reform for fiscal convenience. That trade-off sharpened today. One auction is not a verdict. But the structural dependencies we identified across three publications are all observable in today's result. All articles available at canarycompass.com and LinkedIn.

@FxMalume Agreed 🤝😂😂

@ZachPasha Not shakwiba guys twapapata. Let’s focus on clean, legally earned money 😂😂

I need to have $10,000 in my account by April 30th. Work starts now 🤗😂

@FxMalume 😂😂😂 balasecha pa gate

@ZachPasha Mwamona. Ku mabwe ekuli nomuchanga sana 😅😅

@FxMalume Yama, musangwa mudalama imwe. Ine nsangwa ku Mine. Kwabafye amabwe 😂

@ZachPasha Who is better here ba Zach? $1,000 na next week kuti mwakwata. Nomba 10 pakuti ikwane 😭😭

Ku Luanshya kwakwikala abenga kwanisha. Nga mulalila impwa teti ukutemwe. Translation: Luanshya is for opulent people, paupers despise the place.

@Glaziya @FMwenge @aquila_fpoz_ I've noted that too. We seem to be a people who rush for new things and abandon them quickly after. Will be nice having you back

@ZachPasha @FMwenge @aquila_fpoz_ I miss them actually. I will do a prompt on one of these fine days but Time does not allow anymore and they are not as popular as they were

10 years on this app and I have never been cooked and let’s keep it that way 😂🤞😂. Also I think it’s only about two - Five people who remember my old account/ username.

@Glaziya @FMwenge @aquila_fpoz_ Muka bweze ma Space

I believe @fmwenge @ZachPasha @aquila_fpoz_ are the only ones who recognized me from my old account.

@briansimasiku @PrettyDarkest Congratulations to them. I'm very sure they're in the right place! #ZIT

Look what God has done for me! I can’t even explain the kind of joy I’m feeling today. Both my daughters have been admitted to CBU. I have nothing but gratitude 🙏

@CalvinChikenge I will find out if they may consider going to market and raise funds through a corporate social bond between $50m -$70m so as to get a modern stadium

@ZachPasha Happy to hear that. Hopefully CEC will respond soon. I would like to get feedback from CEC. If you can help, I will appreciate.

I intended to raise this issue in next week's CEC AGM. Glad the CEO is up to the task and carried it.