The Malawi Stock Exchange (MSE) debt market continues to show signs of dormancy with zero trading activity recorded across all 105 listed debt instruments.
This is contained in a weekly market performance report published by the MSE for the week ending June 6, 2025.
However, the debt platform boasts of a combined market capitalisation exceeding K3.5 quadrillion.
The report reveals that the market capitalisation of debt securities ranges from as low as K402.15 billion for TNY25 to as high as K101.71 trillion for T05QZ, indicating substantial paper wealth that remains untapped.
The debt instruments show prices ranging from as low as K41.62 per unit for DB05 to K100 for TN92, reflecting varying risk profiles and maturity structures.
Despite this price diversity and the substantial market capitalizations, investor participation remains conspicuously absent.
Market analyst Brian Kampanje said there are concerns of related party transactions and lack of proper disclosures.
MSE Chief Executive Officer John Kamanga said most retail investors do not participate in bond auctions that happen on the market.
“Most people are not aware of the opportunity that is available to invest in the bond market. We can also not shun away from the high interest environment which makes it costly to raise new capital for businesses,” Kamanga said.
