The Bank of Uganda has announced a new Uganda Government Treasury Bond auction scheduled for Wednesday, September 23, 2026, with four government securities on offer across short, medium and long-term maturities.
The auction includes the reopening of the 2-year, 5-year and 25-year Treasury Bonds, alongside the introduction of a new 15-year Treasury Bond.
In total, the Bank of Uganda is offering UGX 1.4 trillion across the four securities.
The deadline for bid submissions is 10:00 a.m. on Wednesday, September 23, 2026, with settlement scheduled for the following day, Thursday, September 24, 2026.
September 23 Uganda Treasury Bond Auction at a Glance
| Tenor | ISIN | Issue | Maturity | Amount Offered | Withholding Tax |
|---|---|---|---|---|---|
| 2-Year | UG0000001376 | Reopening | 16 Nov 2028 | UGX 250B | 20% |
| 5-Year | UG12J2005328 | Reopening | 20 May 2032 | UGX 350B | 10% |
| 15-Year | UG12K0509410 | New | 5 Sep 2041 | UGX 450B | 10% |
| 25-Year | UG12M0707507 | Reopening | 7 Jul 2050 | UGX 350B | 10% |
The reopened 2-year, 5-year and 25-year securities carry coupon rates of 15.250%, 15.000% and 16.000% respectively. The new 15-year bond does not have an existing coupon stated in the auction invitation.
What's Different About This Treasury Bond Auction?
There are two things that immediately stand out.
First, the Bank of Uganda is offering four different Treasury Bonds rather than the three securities offered in the September 9 auction.
Second, investors are getting a new 15-year Treasury Bond, ISIN UG12K0509410, which matures on September 5, 2041.
The auction therefore spans maturities from 2028 all the way to 2050.
For investors, that creates considerably different investment horizons within a single auction.
2-Year Treasury Bond Reopening
The shortest security on offer is the 2-year Treasury Bond, ISIN UG0000001376.
Coupon: 15.250%
Maturity: November 16, 2028
Amount offered: UGX 250 billion
Withholding tax: 20%
This is a reopening of an existing Treasury Bond rather than a new security.
That means its 15.250% coupon remains unchanged, although the yield investors receive will depend on the price established through the September 23 auction.
5-Year Treasury Bond Reopening
The Bank of Uganda is also reopening the 5-year Treasury Bond, ISIN UG12J2005328.
Coupon: 15.000%
Maturity: May 20, 2032
Amount offered: UGX 350 billion
Withholding tax: 10%
Like the 2-year security, the bond already exists.
Its coupon should therefore not be confused with the yield investors will ultimately receive. The auction price and resulting yield to maturity will be important figures to watch when the results are released.
A New 15-Year Uganda Treasury Bond
The major new security in this auction is the 15-year Treasury Bond, ISIN UG12K0509410.
Maturity: September 5, 2041
Amount offered: UGX 450 billion
Withholding tax: 10%
At UGX 450 billion, this is also the largest individual offering in the September 23 auction.
Because this is a new security, there is no existing coupon stated in the invitation.
The auction results will therefore be particularly important because they will establish the pricing and yield at which the new 15-year security enters the market.
25-Year Treasury Bond Reopening
At the longest end of the auction is the 25-year Treasury Bond, ISIN UG12M0707507.
Coupon: 16.000%
Maturity: July 7, 2050
Amount offered: UGX 350 billion
Withholding tax: 10%
This is a reopening of an existing long-term government security.
For investors considering the 25-year bond, the investment horizon is significant. Its maturity extends to 2050, making factors such as yield, liquidity, interest-rate movements and an investor’s long-term objectives particularly important considerations.
How Much Is Bank of Uganda Offering?
The September 23 auction is offering:
2-Year: UGX 250 billion
5-Year: UGX 350 billion
15-Year: UGX 450 billion
25-Year: UGX 350 billion
Total: UGX 1.4 trillion
The new 15-year security represents the largest allocation, accounting for roughly 32% of the total amount initially offered.
Bank of Uganda reserves the right to increase or reduce the amount offered and may accept or reject applications in whole or in part.
What Is the Minimum Bid?
According to the official Bank of Uganda invitation:
Minimum non-competitive bid: UGX 100,000
Minimum competitive bid: UGX 200.1 million
Non-competitive bids can be accepted in full at the auction’s cut-off price/yield to maturity up to UGX 200 million per tenor.
Only Primary Dealer banks are permitted to submit competitive bids directly into the auction.
Coupon Rate vs Yield: What's the Difference?
Three of the four bonds already have coupon rates:
2-Year: 15.250%
5-Year: 15.000%
25-Year: 16.000%
But these percentages should not automatically be interpreted as the return a new investor will earn.
A bond’s coupon determines the interest payments attached to the security.
Its yield reflects the return relative to the price paid for the bond and other factors.
Because these are reopened bonds, investors may purchase them above or below their face value.
The September 23 auction results will therefore reveal the cut-off prices and yields established by the market.
2-Year vs 5-Year vs 15-Year vs 25-Year Treasury Bonds
The four securities give investors very different time horizons.
2-Year: Matures November 2028
5-Year: Matures May 2032
15-Year: Matures September 2041
25-Year: Matures July 2050
Longer maturity doesn’t automatically mean a bond is more suitable for an investor.
Before investing, consider factors including:
- Your investment horizon
- The bond’s resulting yield
- Purchase price
- Withholding tax
- Liquidity requirements
- Interest-rate risk
- Whether you may need to exit before maturity
- Your overall investment objectives
Once the September 23 auction results are released, investors will have the actual cut-off yields and prices to compare.
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.
Here’s how it works.
1. Create and Verify Your Level Africa Account
Create your account and complete the required verification.
Already registered? Simply log in.
2. Fund Your Wallet
Add funds to your Level Africa wallet so you’re ready to invest.
3. View Available Treasury Bonds
Navigate to Treasury Bonds under Investment Products.
You’ll be able to see Treasury Bonds currently available through Level Africa and review the important details of each investment.
4. Choose a Bond and Invest
Select the Treasury Bond that fits your investment needs, enter the amount you would like to invest and follow the steps to complete your investment.
5. Track Your Investment
Once you’ve invested, you can track your investment through your Level Africa account.
Do You Have to Wait for an Auction to Invest?
Not necessarily.
The September 23 auction is part of the primary government securities market, but Treasury Bonds can also be available after an auction.
That distinction matters.
If you’re reading this article after the auction deadline, you can still log in to Level Africa and see which Treasury Bonds are currently available for investment.
The auction deadline is not necessarily the end of your opportunity to invest in Treasury Bonds.
Important September 23 Auction Dates
Bid submission deadline:
10:00 a.m., Wednesday, September 23, 2026
Auction date:
Wednesday, September 23, 2026
Settlement date:
Thursday, September 24, 2026
Once the results are published, we’ll break down the demand for each security, accepted bids, cut-off prices and yields and what the numbers mean for investors.
Ready to Invest in Treasury Bonds?
Treasury Bonds can serve different purposes depending on your financial goals and investment horizon.
Before investing, understand the security’s maturity, price, yield, coupon, applicable taxes, liquidity and risks.
Level Africa gives you a digital way to explore available Treasury Bonds and manage your investment from your account.
This article is provided for general information and investor education and should not be considered personalised investment advice.