The Bank of Uganda has announced the next Uganda Government Treasury Bond auction, scheduled for Wednesday, September 9, 2026, featuring two new Treasury Bonds and the reopening of an existing 10-year bond.
A total of UGX 990 billion is being offered across three tenors:
- New 3-Year Treasury Bond — UGX 230 billion
- 10-Year Treasury Bond Reopening — UGX 330 billion
- New 20-Year Treasury Bond — UGX 430 billion
The deadline for submission of bids is 10:00 a.m. on Wednesday, September 9, 2026, with settlement scheduled for Thursday, September 10, 2026.
September 2026 Uganda Treasury Bond Auction at a Glance
| Tenor | ISIN | Issue | Maturity | Amount Offered | Withholding Tax |
|---|---|---|---|---|---|
| 3-Year | UG12G0609291 | New | 6 Sep 2029 | UGX 230B | 20% |
| 10-Year | UG12K1405378 | Reopening | 14 May 2037 | UGX 330B | 10% |
| 20-Year | UG12L1608466 | New | 16 Aug 2046 | UGX 430B | 10% |
The 10-year bond carries an existing 16.000% coupon rate. The Bank of Uganda invitation does not state coupon rates for the two new securities.
What's Different About This Treasury Bond Auction?
The September auction stands out because two completely new government securities are being introduced.
Unlike the August 26 auction, where the 2-year, 5-year and 15-year Treasury Bonds were all reopenings, the September 9 auction consists of:
A new 3-year Treasury Bond
A reopened 10-year Treasury Bond
A new 20-year Treasury Bond
This gives the market securities across very different investment horizons, from a bond maturing in 2029 to a new long-term government security extending all the way to 2046.
New 3-Year Uganda Treasury Bond
The Bank of Uganda is offering a new 3-year Treasury Bond, ISIN UG12G0609291.
Amount offered: UGX 230 billion
Maturity date: September 6, 2029
Withholding tax: 20%
This is the shortest maturity among the three securities being offered.
Because this is a new issue rather than a reopening, the Bank of Uganda auction invitation does not provide an existing coupon rate for the security.
The auction results will therefore be particularly important for investors assessing how the new bond has been priced by the market.
New 3-Year Uganda Treasury Bond
The Bank of Uganda is offering a new 3-year Treasury Bond, ISIN UG12G0609291.
Amount offered: UGX 230 billion
Maturity date: September 6, 2029
Withholding tax: 20%
This is the shortest maturity among the three securities being offered.
Because this is a new issue rather than a reopening, the Bank of Uganda auction invitation does not provide an existing coupon rate for the security.
The auction results will therefore be particularly important for investors assessing how the new bond has been priced by the market.
10-Year Uganda Treasury Bond Reopening
The second security is the existing 10-year Treasury Bond, ISIN UG12K1405378.
Coupon: 16.000%
Maturity date: May 14, 2037
Amount offered: UGX 330 billion
Withholding tax: 10%
Unlike the other two securities, this is a reopening.
That means the bond already exists and retains its existing 16.000% coupon rate and May 2037 maturity date.
However, investors should not automatically interpret the 16.000% coupon as the return they will earn.
Because investors will bid for the security at the September auction, the purchase price established through the auction will affect its resulting yield to maturity.
New 20-Year Uganda Treasury Bond
The largest amount in the auction is allocated to the new 20-year Treasury Bond, ISIN UG12L1608466.
Amount offered: UGX 430 billion
Maturity date: August 16, 2046
Withholding tax: 10%
This is a new long-term government security extending to 2046.
At UGX 430 billion, the 20-year bond accounts for approximately 43% of the UGX 990 billion being offered across the auction.
Like the new 3-year security, the Bank of Uganda invitation does not state an existing coupon rate for the 20-year bond.
How Much Is Bank of Uganda Offering?
Across the three Treasury Bonds, the Bank of Uganda is offering:
3-Year: UGX 230 billion
10-Year: UGX 330 billion
20-Year: UGX 430 billion
That brings the combined amount offered to:
UGX 990 billion
The Bank of Uganda reserves the right to increase or reduce the amount offered and to accept or reject applications in part or in whole.
What Is the Minimum Bid?
According to the official auction invitation:
Minimum non-competitive bid: UGX 100,000
Minimum competitive bid: UGX 200.1 million
Non-competitive bids may be accepted in full at the cut-off price/yield to maturity up to UGX 200 million per tenor.
Only Primary Dealer banks are allowed to submit competitive bids directly into the auction.
This is the Bank of Uganda auction framework. Investors using an investment platform should separately check the investment amounts and terms applicable to products currently available through that platform.
Coupon vs Yield
The coupon rate determines the interest payments attached to the bond.
The yield reflects the return relative to the price an investor pays for the bond, among other factors.
If a reopened bond trades above or below its face value, its yield can therefore differ from its coupon rate.
For the two new securities, the auction results will provide important information about how the market has priced the new 3-year and 20-year Treasury Bonds.
Important Auction Dates
Investors following the September auction should note:
Bid submission deadline: 10:00 a.m., Wednesday, September 9, 2026
Auction date: Wednesday, September 9, 2026
Settlement date: Thursday, September 10, 2026
Primary Dealer banks and other commercial banks should submit competitive and non-competitive bids electronically to the Bank of Uganda through the Central Securities Depository.
3-Year vs 10-Year vs 20-Year: What Should Investors Consider?
The three securities cover considerably different investment horizons.
The new 3-year bond matures in 2029.
The reopened 10-year bond matures in 2037.
The new 20-year bond matures in 2046.
That means investors shouldn’t simply ask which bond offers the highest yield once the auction results are released.
Other considerations include:
- How long you intend to remain invested
- The price you pay for the bond
- The resulting yield
- Applicable withholding tax
- Your liquidity needs
- Interest-rate risk
- Your financial objectives
- Whether you may need to exit the investment before maturity
The right investment period will depend on what you’re trying to accomplish with your money.
How to Invest in Treasury Bonds on Level Africa
You don’t have to wait for a Bank of Uganda auction announcement to start exploring Treasury Bonds.
Level Africa provides digital access to Treasury Bonds that are currently available on the platform.
This means investors can log in, review available bonds and invest without having to navigate the Treasury Bond investment process on their own.
Step 1: Create and Verify Your Level Africa Account
Create your Level Africa account and complete the required verification process.
If you already have an account, simply log in.
Step 2: Fund Your Wallet
Add funds to your Level Africa wallet.
Your funded wallet allows you to proceed when you identify an available investment you would like to make.
Step 3: View Available Treasury Bonds
Navigate to Treasury Bonds under Investment Products.
Here you can see the Treasury Bonds currently available for investment on Level Africa.
Review the relevant details before making your decision.
Depending on the bond, these may include its maturity, yield, investment amount and other applicable terms.
Step 4: Choose Your Treasury Bond and Invest
Select the Treasury Bond that fits your investment needs.
Enter the amount you would like to invest and follow the steps on the platform to complete your investment.
Step 5: Track Your Investment
Once your investment has been completed, you can track it through your Level Africa account.
This gives you a digital record of your investment and allows you to follow your portfolio from one place.
Do I Have to Wait for a New Treasury Bond Auction to Invest?
Not necessarily.
The Bank of Uganda auction is the mechanism through which government securities are initially issued or reopened in the primary market.
Treasury Bonds can also be available after an auction.
That distinction is important because an auction deadline passing does not necessarily mean there are no Treasury Bonds available to investors.
Log in to Level Africa to see the Treasury Bonds currently available on the platform.
This also means that if you’re reading this article after September 9, 2026, you can still check Level Africa for available Treasury Bond investment opportunities rather than relying on an old auction deadline.
What Happens After the September 9 Auction?
Once the auction closes, the next important release will be the Bank of Uganda Treasury Bond auction results.
The results are expected to provide information including:
- Total bids received
- Amounts accepted
- Cut-off prices
- Cut-off yields
- Bid-to-cover ratios
For the two new securities in particular, the results will give investors important information about how the market priced the new 3-year and 20-year Treasury Bonds.
Level Africa will break down the results and what they mean for investors once they are released.
Ready to Invest in Treasury Bonds?
Whether you’re considering Treasury Bonds for the first time or adding government securities to an existing portfolio, understanding what you’re investing in remains important.
Consider the bond’s:
- Maturity.
- Yield.
- Purchase price.
- Tax treatment.
- Liquidity.
- Risk.
And how the investment fits your financial goals.
Level Africa gives investors a digital way to explore Treasury Bonds currently available for investment.
Create an account or log in to Level Africa to view available Treasury Bonds and start investing.
This article is provided for general information and investor education and should not be considered personalised investment advice.