The undersubscription of the 2-year, 3-year, and 5-year bonds, followed by the oversubscription of the 7-year, 10-year, and 15-year bonds, after Zambia's debt restructuring announcement indicates a shift in investor sentiment and risk appetite. Investors might be concerned about the short-term economic outlook and the ability of Zambia to meet its debt obligations in the near term, leading to lower demand for shorter-term bonds. On the other hand, longer-term bonds are seen as less risky in the context of the debt restructuring, as they offer a longer period for Zambia to stabilize its economy and improve its fiscal position. Additionally, longer-term bonds typically offer higher yields, which could be attractive to investors seeking higher returns. Overall, the pattern suggests that investors are reevaluating their risk exposure and adjusting their investment strategies in response to the recent developments in Zambia's debt situation.
