On 6 August 2025, the Bank of Uganda held a Government of Uganda Treasury Bond auction featuring four bonds across different maturities.
The auction included reopened 2-Year and 15-Year Treasury Bonds alongside new 5-Year and 25-Year bonds.
This page provides a historical record of what was offered in that auction, including the securities, amounts offered and key dates.
For current opportunities, explore Treasury Bonds available through Level Africa.
What Treasury Bonds Were Offered?
The August 2025 auction included:
| Bond | ISIN | Status | Maturity |
|---|---|---|---|
| 2-Year | UG12J1301280 | Reopening | 13 January 2028 |
| 5-Year | UG12H0108300 | New | 1 August 2030 |
| 15-Year | UG12K2306393 | Reopening | 23 June 2039 |
| 25-Year | UG12M0707507 | New | 7 July 2050 |
The reopened 2-Year Bond carried a 14.125% coupon, while the reopened 15-Year Bond carried a 15.800% coupon.
Because the 5-Year and 25-Year bonds were new issues, their coupon rates were determined through the auction process.
How Much Was Offered?
The Government of Uganda sought to raise UGX 1.4 trillion across the four securities.
| Bond | Amount Offered | Withholding Tax |
|---|---|---|
| 2-Year | UGX 200 billion | 20% |
| 5-Year | UGX 300 billion | 20% |
| 15-Year | UGX 400 billion | 10% |
| 25-Year | UGX 500 billion | 10% |
| Total | UGX 1.4 trillion |
The largest allocation was to the new 25-Year Treasury Bond, with UGX 500 billion offered.
Key Dates for the August 2025 Auction
Auction date: Wednesday, 6 August 2025
Settlement date: Thursday, 7 August 2025
These dates have already passed. This article is maintained as a historical record of the August 2025 Treasury Bond auction.
For upcoming auctions, see the Bank of Uganda Treasury Bond Auction Calendar.
New Issues vs Reopened Treasury Bonds
The auction contained both new and reopened bonds.
A new Treasury Bond is being issued for the first time. Its terms, including its maturity and coupon, are established as part of the issuance.
A reopened Treasury Bond is an existing bond being offered again.
The reopened bond retains characteristics such as its existing maturity date and coupon rate, but its auction price and yield can differ from when it was originally issued.
This distinction is important because the coupon rate and yield are not necessarily the same.
Coupon Rate vs Yield
The original article described the 14.125% coupon on the 2-Year Bond as an interest rate an investor would necessarily earn.
That is not quite how a reopened bond works.
The coupon rate determines the periodic coupon payments attached to the bond.
The yield reflects the return implied by factors including the price paid for the bond, its coupon and the remaining period to maturity.
A reopened bond may therefore have a 14.125% coupon but trade at a price that results in a different yield.
For current and historical yields, see Treasury Bond Rates in Uganda.
How Treasury Bond Coupon Payments Work
Government of Uganda Treasury Bonds generally pay coupon interest every six months.
For example, consider a Treasury Bond with:
Face value: UGX 1,000,000
Coupon rate: 14.125%
The annual coupon would be:
UGX 141,250
This would generally be divided into two payments of approximately:
UGX 70,625 every six months before applicable taxes.
However, this does not mean an investor purchasing the bond necessarily earns a 14.125% yield.
The actual yield depends on the price paid for the bond.
What Happened After the Auction?
The auction subsequently produced results for all four maturities.
Rather than duplicating those results here, see the dedicated August 2025 Bank of Uganda Treasury Bond Auction Results.
That page covers the auction results and yields after bidding closed.
This page remains focused on the auction announcement and what was initially offered.
Can You Still Invest in These Treasury Bonds?
The August 2025 auction has closed.
However, Treasury Bonds do not necessarily become unavailable simply because their original auction has ended.
Previously issued Government of Uganda Treasury Bonds may subsequently be available through the secondary market.
Their prices and yields can change as market conditions change.
Through Level Africa, investors can view Treasury Bonds that are currently available rather than relying on an old auction announcement.
How to Invest in Treasury Bonds Through Level Africa
You do not need to wait for the August 2025 auction covered in this article.
1. Create & Verify
Create your Level Africa account and complete the required verification.
2. Fund Your Wallet
Add funds to your Level Africa wallet.
3. Choose a Treasury Bond
Review the Treasury Bonds currently available and compare their maturity, coupon, yield and other relevant details.
4. Invest & Track
Complete your investment and track it through your Level Africa account.
Final Thoughts
The August 2025 Bank of Uganda Treasury Bond auction offered UGX 1.4 trillion across four maturities: 2-Year, 5-Year, 15-Year and 25-Year Treasury Bonds.
The auction is now historical, but it remains useful for investors researching Uganda’s Treasury Bond market and previous government securities issuances.
If you are looking to invest today, the more relevant question is which Treasury Bonds are currently available and at what price and yield.
Frequently Asked Questions
When was the August 2025 Bank of Uganda Treasury Bond auction?
The auction was held on Wednesday, 6 August 2025, with settlement scheduled for 7 August 2025.
How much did the government offer?
A total of UGX 1.4 trillion was offered across the four Treasury Bonds.
Which Treasury Bonds were included?
The auction included a reopened 2-Year Bond, a new 5-Year Bond, a reopened 15-Year Bond and a new 25-Year Bond.
Was the 25-Year Treasury Bond a new issue?
Yes. The 25-Year Bond maturing on 7 July 2050 was offered as a new Treasury Bond.
Is the coupon rate the same as the yield?
No. The coupon determines the periodic interest payments attached to the bond. Yield also takes into account factors such as the price paid and time remaining to maturity.
Does Level Africa still accept bids for this auction?
No. The August 2025 auction has already closed.
Investors can instead view Treasury Bonds currently available through Level Africa.
Can I buy Treasury Bonds after their auction?
Treasury Bonds may subsequently be available through the secondary market, subject to availability and prevailing market prices.
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