The Bank of Uganda has published the results of the 21 October 2026 Uganda Government Treasury Bills auction, revealing money market yields ranging from 11.249% to 14.499% across the three maturities.
The auction, Issue No. 1236, featured 91-day, 182-day and 364-day Treasury Bills, with an initial combined offer of UGX 350 billion.
Bank of Uganda accepted approximately UGX 372.55 billion across the three securities, exceeding the total amount initially offered.
The 364-day Treasury Bill recorded the highest money market yield at 14.499%, followed by the 182-day bill at 13.400% and the 91-day bill at 11.249%.
For investors following Uganda’s money market, these results provide an updated picture of short-term government security yields and the differences between investing for three months, six months or approximately one year.
Here is a breakdown of the auction results, what the yields mean and other investment opportunities worth understanding.
Bank of Uganda Treasury Bills Auction Results – 21 October 2026
The following figures were published by Bank of Uganda for Issue No. 1236.
| Auction Results | 91-Day Bill | 182-Day Bill | 364-Day Bill |
|---|---|---|---|
| Money Market Yield | 11.249% | 13.400% | 14.499% |
| Amount Offered | UGX 15B | UGX 35B | UGX 300B |
| Amount Accepted | UGX 23.129B | UGX 37.697B | UGX 311.729B |
| Maturity Date | 21 Jan 2027 | 22 Apr 2027 | 21 Oct 2027 |
| ISIN | UG11B2101274 | UG11C2204274 | UG11E2110279 |
Issue Number: 1236
Auction Date: Wednesday, 21 October 2026
Settlement Date: Thursday, 22 October 2026
Next Treasury Bills Auction: Wednesday, 4 November 2026
All three maturities recorded accepted amounts above their initial offers.
The 364-day Treasury Bill accounted for the largest amount accepted, at approximately UGX 311.73 billion.
Key Highlights from the October 2026 Treasury Bills Auction
1. Bank of Uganda accepted UGX 372.55 billion
The auction initially offered UGX 350 billion across the three Treasury Bill maturities.
Following the auction, Bank of Uganda accepted a combined UGX 372.55 billion.
This was approximately UGX 22.55 billion above the initial offer, representing an increase of about 6.4%.
The difference was distributed across all three maturities, with each recording accepted amounts above the amount originally advertised.
The published results do not provide the total amount tendered, so the accepted amounts alone cannot establish the overall level of investor demand.
2. The 364-day Treasury Bill recorded the highest yield
The 364-day Treasury Bill recorded a money market yield of 14.499%, the highest among the three securities.
This compares with 13.400% for the 182-day Treasury Bill and 11.249% for the 91-day Treasury Bill.
The difference between the shortest and longest maturities was 3.25 percentage points.
Investors considering these securities should remember that money market yields are generally quoted on an annualised basis.
A 14.499% annualised money market yield should not be confused with a guaranteed 14.499% cash return over every investment period.
The actual discount income depends on the purchase price, face value and number of days to maturity.
3. Accepted amounts exceeded the initial offer across all maturities
Bank of Uganda initially offered:
UGX 15 billion in 91-day Treasury Bills
UGX 35 billion in 182-day Treasury Bills
UGX 300 billion in 364-day Treasury Bills
The accepted amounts were approximately UGX 23.13 billion, UGX 37.70 billion and UGX 311.73 billion respectively.
This shows that the final amounts accepted were higher than the initial offers for each maturity.
91-Day Treasury Bills Results: 11.249% Yield
The 91-day Treasury Bill recorded a money market yield of 11.249%.
Bank of Uganda initially offered UGX 15 billion and accepted approximately UGX 23.13 billion.
The security matures on 21 January 2027.
What does this mean for investors?
The 91-day Treasury Bill has the shortest maturity of the three securities.
It provides a relatively short period between settlement and maturity, making it relevant to investors evaluating investments over approximately three months.
However, the published 11.249% yield is an annualised money market yield, not the amount an investor would earn over 91 days.
The actual income earned depends on the discount at which the security was purchased and the amount invested.
For investors who expect to need their money within a relatively short period, maturity is an important consideration alongside yield.
182-Day Treasury Bills Results: 13.400% Yield
The 182-day Treasury Bill recorded a money market yield of 13.400%.
Bank of Uganda initially offered UGX 35 billion and accepted approximately UGX 37.70 billion.
The security matures on 22 April 2027.
What does this mean for investors?
The 182-day Treasury Bill falls between the shorter 91-day security and the longer 364-day security.
Its annualised yield was 2.151 percentage points higher than that of the 91-day Treasury Bill.
For investors comparing these maturities, the decision involves more than the yield difference.
The longer maturity means the investment runs for approximately six months rather than three.
An investor should therefore consider when the funds will be needed and whether the investment horizon matches that requirement.
364-Day Treasury Bills Results: 14.499% Yield
The 364-day Treasury Bill recorded the highest money market yield in the October auction at 14.499%.
Bank of Uganda initially offered UGX 300 billion and accepted approximately UGX 311.73 billion.
The security matures on 21 October 2027.
What does this mean for investors?
The 364-day Treasury Bill has the longest maturity among the three securities offered.
It also recorded the highest annualised yield.
Its yield was 1.099 percentage points above the 182-day Treasury Bill and 3.250 percentage points above the 91-day Treasury Bill.
For investors, the longer maturity means committing to an investment horizon of approximately one year.
While the published yield was higher, this does not automatically make the 364-day Treasury Bill the most appropriate choice for every investor.
Investment timelines and liquidity needs remain important considerations.
What Do the October 2026 Treasury Bills Yields Tell Us?
The auction results show an upward-sloping pattern across the three published maturities.
The 91-day Treasury Bill recorded 11.249%, the 182-day security recorded 13.400%, and the 364-day security recorded 14.499%.
In this auction, investors purchasing securities with longer maturities received higher quoted annualised money market yields.
However, these figures represent the results of one auction.
They should not be interpreted as a guarantee that future Treasury Bill yields will remain at the same levels or that longer maturities will always offer higher yields.
Government security yields can change from auction to auction depending on market conditions, pricing and investor participation.
For investors tracking interest rates in Uganda, comparing several auctions over time provides a more useful picture than relying on a single set of results.
How Do Treasury Bill Investors Earn Returns?
Unlike Treasury Bonds, Treasury Bills do not pay periodic coupons.
Instead, they are generally issued at a discount to their face value.
For example, an investor might purchase a Treasury Bill with a face value of UGX 1,000,000 for UGX 970,000.
At maturity, the investor receives UGX 1,000,000.
The UGX 30,000 difference represents the gross discount income before applicable taxes and charges.
This example is illustrative and does not represent the actual pricing of the October 2026 auction.
The amount an investor earns depends on the price paid for the security and its remaining maturity.
It is also important to distinguish an annualised quoted money market yield from the actual cash income earned over the holding period.
Treasury Bills vs Treasury Bonds: What Should Investors Consider?
Treasury Bills and Treasury Bonds are both government securities, but they have different investment characteristics.
| Feature | Treasury Bills | Treasury Bonds |
|---|---|---|
| Investment horizon | Up to one year | Generally multiple years |
| Return structure | Discount to face value | Periodic coupons and purchase-price effects |
| Coupon payments | None | Generally semiannual |
| Maturity | 91, 182 or 364 days | Depends on the bond |
| Available on Level Africa | No | Yes |
For investors exploring government securities beyond short-term Treasury Bills, Treasury Bonds provide another option.
Treasury Bonds generally pay coupons during their term, and their prices can change when traded in the secondary market.
Investors can explore available Treasury Bonds and review their investment details through Level Africa.
Looking Beyond Treasury Bills: Investment Options on Level Africa
Treasury Bills are not currently offered through Level Africa.
However, investors researching Treasury Bills may also be interested in other investment products, depending on whether their priority is access to funds, income generation or long-term wealth building.
Unit Trusts: An Alternative Worth Comparing
Unit Trusts pool investors’ money into professionally managed funds.
Depending on the fund’s investment strategy, the underlying portfolio may include Treasury Bills, bank deposits, government bonds and other money market or capital market instruments.
For investors researching short-term investments, money market Unit Trusts may be particularly relevant.
They provide a different way to access professionally managed investments, although their fees, risks, returns and withdrawal terms differ from those of Treasury Bills.
Through Level Africa, investors can explore Unit Trusts from available fund managers and compare their characteristics.
You can also review our comparison of Unit Trusts in Uganda to understand the available options.
Treasury Bonds: For Longer Investment Horizons
Treasury Bonds may appeal to investors who want to explore government securities with longer maturities and periodic coupon payments.
Unlike Treasury Bills, Treasury Bonds can have several years remaining until maturity.
Investors should consider bond prices, yields, maturities and the possibility of price changes if a bond is sold before maturity.
Fixed Income: Explore Other Income-Generating Investments
Level Africa also provides access to Fixed Income investment opportunities.
These products may have different maturities, return structures, risks and access conditions.
Investors should review the terms of each available product before making an investment.
How to Start Investing Through Level Africa
Level Africa provides a digital platform for accessing and managing investment products.
Getting started involves four steps.
1. Create & Verify: Register for a Level Africa account and complete verification.
2. Fund Your Wallet: Add funds to your Level Africa wallet.
3. Choose a Product: Explore Unit Trusts, Treasury Bonds, Fixed Income and other available investments.
4. Invest & Track: Complete your investment and monitor its progress from your account.
When Is the Next Treasury Bills Auction in Uganda?
According to the Bank of Uganda’s October 2026 results announcement, the next Treasury Bills auction is scheduled for Wednesday, 4 November 2026.
Investors interested in participating should follow official Bank of Uganda announcements for the securities offered, bid submission deadlines and auction requirements.
Those exploring longer-term government securities can also follow the Bank of Uganda Treasury Bond Auction Calendar on Level Africa.
Final Thoughts
The 21 October 2026 Treasury Bills auction recorded annualised money market yields ranging from 11.249% to 14.499%, with the highest yield on the 364-day security.
Bank of Uganda accepted approximately UGX 372.55 billion across the three maturities, exceeding the initial combined offer of UGX 350 billion.
For investors, these results provide another opportunity to compare short-term government securities with other available investment products.
Understanding the differences between Treasury Bills, Unit Trusts, Treasury Bonds and Fixed Income products can help investors evaluate opportunities based on their financial goals and investment timelines.
Frequently Asked Questions
What were the Treasury Bills yields on 21 October 2026?
The published money market yields were 11.249% for the 91-day bill, 13.400% for the 182-day bill and 14.499% for the 364-day bill.
Which Treasury Bill had the highest yield?
The 364-day Treasury Bill recorded the highest annualised money market yield at 14.499%.
How much did Bank of Uganda accept?
Approximately UGX 372.55 billion was accepted across the three maturities, compared with an initial combined offer of UGX 350 billion.
Are Treasury Bill yields guaranteed to remain the same?
No. Auction yields can change from one auction to another. The published figures represent the October 2026 auction results.
Can I invest in Treasury Bills through Level Africa?
No. Level Africa does not currently offer Treasury Bills. Investors can explore Unit Trusts, Treasury Bonds and Fixed Income products available through the platform.
Are Unit Trusts the same as Treasury Bills?
No. Treasury Bills are short-term government securities, while Unit Trusts are professionally managed pooled investment funds. Some Unit Trusts invest in Treasury Bills as part of their underlying portfolios.
When is the next Uganda Treasury Bills auction?
The next Treasury Bills auction is scheduled for 4 November 2026, according to the Bank of Uganda results announcement.