Zambia’s borrowing costs fell in the first bond auction since this month’s elections as investors bet that political continuity will bolster the prospects of Africa’s second-biggest copper producer.

Bids in the local currency multi-tenor sale exceeded the 6.3 billion kwacha ($332 million) on offer by 37%, according to data posted on the Bank of Zambia website.

The seven-year bond attracted the strongest interest, with yields tightening to 14.79%, down 101 basis points since the last auction in June.