Bank of Uganda Treasury Bond auctions give investors opportunities to invest in government securities issued by the Government of Uganda.
Throughout 2026, the Bank of Uganda has continued to issue and reopen Treasury Bonds across different maturities as part of the government’s domestic borrowing programme.
For investors, each auction provides new information about Treasury Bond yields, investor demand, available maturities and prevailing conditions in Uganda’s government securities market.
This page brings together the key information investors need about Bank of Uganda Treasury Bonds in 2026, including current rates, auction updates, how Treasury Bond auctions work and how to invest.
Latest Bank of Uganda Treasury Bond Rates in 2026
Treasury Bond rates are not fixed across all government bonds.
Each bond has its own coupon rate, maturity and prevailing yield.
The latest Bank of Uganda Treasury Bond auction on 26 August 2026 included reopenings of 2-Year, 5-Year and 15-Year Treasury Bonds.
| Treasury Bond | Yield | Coupon Rate | Maturity Date |
|---|---|---|---|
| 2-Year | 11.700% | 15.250% | 16 Nov 2028 |
| 5-Year | 13.750% | 15.000% | 20 May 2032 |
| 15-Year | 15.200% | 15.800% | 23 Jun 2039 |
Last updated: 26 August 2026
These rates represent the results of this particular auction and should not be interpreted as a single prevailing interest rate for all Uganda Treasury Bonds.
Different bonds available through other auctions or on the secondary market can have different yields, coupon rates, prices and maturity dates.
For a continuously updated explanation of rates and yields, see Treasury Bond Rates in Uganda.
Latest Bank of Uganda Treasury Bond Auction
The 26 August 2026 Treasury Bond auction involved the reopening of three government securities.
2-Year Treasury Bond
- ISIN: UG0000001376
- Coupon: 15.250%
- Maturity: 16 November 2028
- Yield at cut-off: 11.700%
5-Year Treasury Bond
- ISIN: UG12J2005328
- Coupon: 15.000%
- Maturity: 20 May 2032
- Yield at cut-off: 13.750%
15-Year Treasury Bond
- ISIN: UG12K2306393
- Coupon: 15.800%
- Maturity: 23 June 2039
- Yield at cut-off: 15.200%
The auction attracted bids across all three maturities.
Investors looking for the full breakdown of amounts offered, bids received, amounts accepted and bid-to-cover ratios can read the August 2026 Treasury Bond Auction Results.
Bank of Uganda Treasury Bond Auctions in 2026
The Bank of Uganda conducts Treasury Bond auctions according to the government’s securities issuance programme.
Not every Treasury Bond maturity is offered at every auction.
An auction may include new securities or reopen existing Treasury Bonds.
A reopening means additional amounts of an existing bond are offered rather than creating an entirely new security.
The reopened bond retains characteristics such as its existing coupon rate and maturity date, while the price and yield at which investors participate can reflect prevailing market conditions.
How Does a Bank of Uganda Treasury Bond Auction Work?
The process starts when the Bank of Uganda announces an upcoming Treasury Bond auction.
The announcement typically identifies the securities being offered and important dates for participation.
Investors submit bids during the specified period.
Following the auction, the Bank of Uganda publishes the results, including information about the bids received and the yields at which securities were accepted.
For investors, there are four pieces of information worth watching closely.
Amount Offered
This is the amount the government intends to raise through the security.
Amount Tendered
This shows how much investors attempted to invest.
Comparing the amount tendered with the amount offered provides an indication of investor demand.
Yield at Cut-Off
The cut-off yield is one of the most important figures in the auction results because it helps show the yield level at which successful competitive bids were accepted.
Bid-to-Cover Ratio
The bid-to-cover ratio compares investor demand with the amount accepted.
A higher ratio can indicate stronger demand for a particular security.
What Happened at the August 2026 Treasury Bond Auction?
The August auction provides a useful example of how investor demand can differ significantly across maturities.
| Treasury Bond | Amount Offered | Amount Tendered | Accepted Bids | Bid-to-Cover |
|---|---|---|---|---|
| 2-Year | UGX 230.0B | UGX 461.48B | UGX 237.23B | 1.945 |
| 5-Year | UGX 330.0B | UGX 683.79B | UGX 414.39B | 1.680 |
| 15-Year | UGX 430.0B | UGX 1.052T | UGX 353.41B | 2.978 |
The 15-Year Treasury Bond attracted more than UGX 1 trillion in bids, giving it the highest bid-to-cover ratio among the three securities in this auction.
That provides useful evidence of investor demand at the longer end of the bonds offered in this particular auction.
It should not, however, be interpreted on its own as a prediction of future Treasury Bond rates or demand.
Coupon Rate vs Auction Yield
One potentially confusing feature of Treasury Bond auction results is that the coupon rate and yield can be different.
For example, the 2-Year Treasury Bond reopened in August had:
Coupon rate: 15.250%
Yield at cut-off: 11.700%
This does not mean the Bank of Uganda published contradictory interest rates.
The coupon determines the scheduled interest payments based on the bond’s face value.
Yield takes into account factors including the price investors pay and the cash flows associated with the bond.
Because reopened and secondary-market bonds may trade above or below face value, their prevailing yield can differ from their coupon rate.
For a deeper explanation, see Treasury Bond Rates in Uganda: Current Rates & Yields.
How Often Do Uganda Treasury Bonds Pay Interest?
Treasury Bond coupons are generally paid every six months.
For example, assume you hold UGX 10 million in face value of a Treasury Bond with a 15% annual coupon.
The annual coupon would be:
UGX 1,500,000 before applicable taxes.
That would generally be split into two coupon payments of:
UGX 750,000 every six months before applicable taxes.
The exact coupon and payment dates depend on the particular Treasury Bond.
Do You Have to Wait for a Bank of Uganda Auction?
No.
Bank of Uganda auctions are an important way Treasury Bonds enter the market, but existing Treasury Bonds can also be bought and sold through the secondary market.
This means investors may find Treasury Bonds available between auction dates.
Secondary-market bonds can have different:
- Prices
- Yields
- Coupon rates
- Remaining maturity periods
This is particularly useful for someone who wants to invest but doesn’t want to wait until the next Treasury Bond auction.
How to Invest in Uganda Treasury Bonds in 2026
Treasury Bonds are available through Level Africa.
1. Create & Verify
Create your Level account and complete the required identity verification.
2. Fund Wallet
Add funds to your Level wallet using the available funding options.
3. Choose a Treasury Bond
Review available Treasury Bonds and compare their price, yield, coupon, maturity and other investment terms.
4. Invest & Track
Complete your investment and track your Treasury Bonds through your Level dashboard.
Treasury Bond opportunities available through Level Africa start from UGX 100,000, subject to the terms of the particular opportunity.
For the complete process, read How to Buy Treasury Bonds in Uganda.
Invest in Uganda Treasury Bonds
Explore Treasury Bonds currently available through Level Africa and compare their rates, maturity dates and investment terms.
Frequently Asked Questions
What are the current Bank of Uganda Treasury Bond rates in 2026?
There is no single Bank of Uganda Treasury Bond rate. At the 26 August 2026 auction, the 2-Year, 5-Year and 15-Year bonds recorded cut-off yields of 11.700%, 13.750% and 15.200% respectively. Rates can differ between bonds and change as market conditions change.
What is the Bank of Uganda Treasury Bond interest rate?
Each Treasury Bond has its own coupon rate and prevailing yield. Investors should check the particular security rather than treating Treasury Bonds as having one standard interest rate.
Which Treasury Bonds were offered in August 2026?
The 26 August 2026 auction reopened 2-Year, 5-Year and 15-Year Treasury Bonds.
How often does Bank of Uganda issue Treasury Bonds?
Treasury Bond auctions are conducted according to the government’s securities issuance calendar. The securities offered can vary between auctions.
How often do Treasury Bonds pay interest?
Uganda Treasury Bond coupons are generally paid every six months according to the schedule of the particular security.
Can individuals invest in Uganda Treasury Bonds?
Yes. Individuals can invest in Treasury Bonds subject to the applicable investment and participation requirements.
What is the minimum investment through Level Africa?
Treasury Bond opportunities available through Level Africa start from UGX 100,000, subject to the terms of the particular opportunity.
Do I have to wait for the next Bank of Uganda auction?
Not necessarily. Existing Treasury Bonds may be available through the secondary market between Bank of Uganda auctions.
Can I buy Uganda Treasury Bonds online?
Level Africa provides eligible investors with digital access to available Treasury Bond opportunities.
Where can I see the next Treasury Bond auction?
Follow Level Africa’s Treasury Bond market updates and the current Bank of Uganda Treasury Bond Auction Calendar for upcoming auction dates.