August 2023 Bank Of Uganda Treasury Bond Activity – What Investors Should Know
This August was an active month for treasury bond investors in Uganda. Bank of Uganda ran two key auctions — a regular reopening of existing bonds, and a special bond conversion offer for investors holding a maturing bond. These events provided opportunities to earn strong, government-backed returns across various timeframes. Whether you’re new to bonds or planning how to reinvest a maturing one, here’s what happened and what it means for you.
1. Reopening Auction – August 9, 2023
On August 9, 2023, Bank of Uganda reopened two government treasury bonds:
- UG12G2905259 – 14.000% Government of Uganda Treasury Bond due 29-May-2025 (2-Year Reopening)
- UG12K0302337 – 14.375% Government of Uganda Treasury Bond due 03-Feb-2033 (10-Year Reopening)
Offering Amounts:
| Bond Term | ISIN | Maturity Date | Yield Type | Amount Offered | Withholding Tax |
|---|---|---|---|---|---|
| 2-Year | UG12G2905259 | 29-May-2025 | Reopening | UGX 200 billion | 20% |
| 10-Year | UG12K0302337 | 03-Feb-2033 | Reopening | UGX 390 billion | 10% |
Both bonds allowed competitive and non-competitive bidding, with non-competitive bids starting at UGX 100,000, making them accessible to first-time investors.
2. Bond Conversion Auction – August 23, 2023
Bank of Uganda also held a conversion auction for existing holders of:
- UG12J1801248 – 14.000% Government of Uganda Treasury Bond due 18-Jan-2024
This was an opportunity for investors to exchange the maturing bond into longer-term instruments — across 3-year, 10-year, 15-year, or 20-year terms — without cash settlement where possible.
Destination Bonds Offered for Conversion:
| Term | ISIN | Coupon | Maturity Date |
| 3-Year | UG12G0907265 | 13.500% | 09-Jul-2026 |
| 10-Year | UG12K0302337 | 14.375% | 03-Feb-2033 |
| 15-Year | UG12K1405378 | 16.000% | 14-May-2037 |
| 20-Year | UG12L1806433 | 15.000% | 18-Jun-2043 |
Investors could submit bids via their commercial banks through the Central Securities Depository (CSD), and allocation was done at a uniform cut-off price per destination bond.
Why It Matters
- Reopenings offer fresh chances to invest in bonds without waiting for new issues.
- Conversions help investors manage reinvestment risk by shifting from soon-to-mature bonds into longer-term ones.
- Low entry points (from UGX 100,000) make government bonds accessible to individuals, not just institutions.
How to Take Advantage with Level Africa
No paperwork. No broker. Just a few taps.
Here’s how to invest:
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Create an account on Level Africa
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Complete KYC with your ID or passport
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Go to Treasury Bonds under Products
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Choose bonds listed (including reopened 3Y or 20Y bonds)
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Fund your Level wallet
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Buy bonds — instantly, if marked “Available”
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Track interest and returns from your dashboard
Final Thoughts
August 2023 offered two strong opportunities for investors — new entries through the 2Y and 10Y reopenings, and flexible options via bond conversion.
Whether you’re investing short- or long-term, bonds continue to offer stable, government-backed returns. And with Level Africa, getting started is easier than ever.
Start Now – Create an Account on Level Africa
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