March 2023 Bank Of Uganda Treasury Bond Auctions – What Happened and How to Invest
In March 2023, Bank of Uganda gave investors two chances to put their money to work through government treasury bonds — a bond conversion for maturing investors and a scheduled reopening auction. Here’s a simple breakdown of what was offered, what it means, and how you can take advantage.
March 9, 2023 – Non-Calendar Bond Conversion
Investors holding the maturing bond UG0000001244 – 11.000% maturing 13-Apr-2023 were invited to convert their investment into any of five newer bonds. This allowed them to stay invested and continue earning interest instead of cashing out.
Conversion Options:
| Term | ISIN | Coupon Rate | Maturity Date |
|---|---|---|---|
| 3-Year | UG12G2905259 | 14.000% | 29-May-2025 |
| 5-Year | UG12J1301280 | 14.125% | 13-Jan-2028 |
| 10-Year | UG12J2005328 | 15.000% | 20-May-2032 |
| 15-Year | UG12K1405378 | 16.000% | 14-May-2037 |
| 20-Year | UG12L1408420 | 18.500% | 14-Aug-2042 |
What Happened:
Investors submitted bids for their preferred bond, and all successful bids were awarded at the same price — the cut-off price (highest accepted yield). The government aimed for “cash flow neutrality,” meaning investors swapped into bonds of roughly equal value.
March 22, 2023 – Scheduled Auction (3-Year and 15-Year Bonds)
Bank of Uganda also held a regular reopening auction for two benchmark bonds:
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UG12G2905259 – 14.000% Government of Uganda Treasury Bond due 29-May-2025 (3-Year Reopening)
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UG12K1405378 – 16.000% Government of Uganda Treasury Bond due 14-May-2037 (15-Year Reopening)
| Bond Term | ISIN | Coupon Rate | Maturity Date | Offering Amount | Withholding Tax |
|---|---|---|---|---|---|
| 3-Year | UG12G2905259 | 14.000% | 29-May-2025 | UGX 180 billion | 20% |
| 15-Year | UG12K1405378 | 16.000% | 14-May-2037 | UGX 300 billion | 10% |
Key Details:
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Auction Date: March 22, 2023
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Settlement Date: March 23, 2023
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Minimum Investment: UGX 100,000 (non-competitive), UGX 200.1 million (competitive)
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Interest Paid: Every 6 months
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Allotment: All successful bids priced at the same cut-off yield
Why It Matters
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The 3-year bond suits short-term plans like school fees, business capital, or savings trials.
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The 15-year bond offers higher yields for long-term goals like retirement or wealth building.
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Both bonds pay fixed interest every 6 months and are backed by the Government of Uganda.
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With a starting investment of UGX 100,000, bonds are now accessible to almost everyone.
How to Invest with Level Africa
You can invest in treasury bonds directly on your phone — no paperwork, no middlemen.
Here’s how:
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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
March 2023 was a big month for bond investors — with both conversion and auction opportunities offering reliable ways to earn interest. Whether you’re reinvesting or starting from scratch, treasury bonds remain a smart, safe way to grow your money.
Start Now – Create an Account on Level Africa
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