In October 2025, the Bank of Uganda announced a Government of Uganda Treasury Bond auction featuring three reopened bonds across different maturities.
The auction included 3-Year, 10-Year and 20-Year Treasury Bonds, giving investors exposure to shorter, medium and longer-term government securities.
The auction has since closed, so this article is maintained as a historical record of the October 2025 Treasury Bond offering.
For Treasury Bonds currently available, explore Treasury Bonds on Level Africa.
What Treasury Bonds Were Offered?
The October 2025 auction involved the reopening of three existing Government of Uganda Treasury Bonds:
| Bond | ISIN | Coupon Rate | Maturity |
|---|---|---|---|
| 3-Year | UG12J1301280 | 14.125% | 13 January 2028 |
| 10-Year | UG12K2206346 | 14.250% | 22 June 2034 |
| 20-Year | UG12L1806433 | 15.000% | 18 June 2043 |
Because these were reopenings, they were not entirely new securities.
Additional amounts of existing Treasury Bonds were being offered to investors.
What Does a Treasury Bond Reopening Mean?
When Bank of Uganda reopens a Treasury Bond, investors are given another opportunity to purchase additional amounts of a bond that already exists.
The bond retains important characteristics including its:
- ISIN
- Coupon rate
- Maturity date
- Coupon payment schedule
However, the price and yield at the new auction can differ from the bond’s original issuance.
This is why investors should not look only at the coupon rate when comparing reopened Treasury Bonds.
Coupon Rate vs Yield
The 3-Year Bond, for example, carried a 14.125% coupon rate.
That does not necessarily mean an investor purchasing it at the October 2025 auction earned a 14.125% yield.
The coupon rate determines the interest payments attached to the bond.
The yield reflects the return implied by the price paid, coupon payments and remaining period to maturity.
If a bond trades below or above its face value, its yield can therefore differ from its coupon.
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 the 3-Year Bond with:
Face value: UGX 1,000,000
Coupon rate: 14.125%
Its annual coupon would be:
UGX 141,250
That would generally translate into approximately:
UGX 70,625 every six months before applicable taxes.
Again, this is the bond’s coupon payment, not necessarily the investor’s effective yield.
How the Three Bonds Differed
The three securities provided exposure to substantially different remaining investment periods.
3-Year Bond
The shortest maturity in the auction was the bond maturing in January 2028.
A shorter remaining maturity generally means an investor’s capital is exposed to changes in interest rates for less time than with a much longer-dated bond.
10-Year Bond
The 10-Year Bond matured in June 2034 and provided a longer investment horizon with semi-annual coupon payments.
20-Year Bond
The longest-dated security matured in June 2043.
Long-dated bonds can provide coupon income over many years, but their market prices can also be more sensitive to changes in interest rates.
This matters particularly for an investor who may want to sell before maturity.
What Happened After the Auction?
Once bidding closed, the auction process determined the prices and yields at which successful bids were accepted.
Those auction results are different from the coupon rates shown in the original invitation.
This distinction matters because an auction announcement tells you what is being offered, while the results tell you what yield the market ultimately produced.
For more on how the process works, see Bank of Uganda Treasury Bond Auctions: How the Process Works
The October 2025 Auction Has Closed
The dates and deadlines in the original version of this article have passed.
You should therefore not attempt to participate using the October 2025 deadline or instructions.
For upcoming Bank of Uganda auction dates, see the Treasury Bond Auction Calendar.
Can You Buy These Bonds After the Auction?
Potentially.
Treasury Bonds can continue trading after their original auction through the secondary market.
This means an existing Government of Uganda Treasury Bond may still be available even though the auction in which it was issued or reopened has already closed.
The important difference is that its current market price and yield may be different from the original auction figures.
Availability also changes over time.
How to Invest in Treasury Bonds Through Level Africa
You do not need to wait for the October 2025 auction covered in this article.
Level Africa provides access to Government of Uganda Treasury Bonds that are currently available.
1. Create & Verify
Create your Level Africa account and complete verification.
2. Fund Your Wallet
Add funds to your Level Africa wallet.
3. Choose a Treasury Bond
Review the available bonds and compare factors including maturity, coupon, yield and investment period.
4. Invest & Track
Complete your investment and track it through your Level Africa account.
What Should You Compare Before Buying a Treasury Bond?
Do not choose a Treasury Bond based only on whether it is labelled 3-Year, 10-Year or 20-Year.
Consider:
- Remaining time to maturity
- Coupon rate
- Current price
- Current yield
- Frequency of coupon payments
- Applicable taxes
- When you may need your capital
- Potential secondary-market price changes
A bond with a higher coupon is not automatically the bond with the better investment return.
Final Thoughts
The October 2025 Bank of Uganda Treasury Bond auction featured reopened 3-Year, 10-Year and 20-Year Government of Uganda Treasury Bonds.
The auction has already closed, but the information remains useful as part of Uganda’s historical Treasury Bond market record.
Investors looking to invest today should focus on the securities currently available and compare their current prices, yields, coupons and maturities, rather than relying on an old auction announcement.
Frequently Asked Questions
Which Treasury Bonds were offered in the October 2025 auction?
The auction featured reopened 3-Year, 10-Year and 20-Year Government of Uganda Treasury Bonds.
Which Treasury Bonds were offered in the October 2025 auction?
It means the government offers an additional amount of an existing Treasury Bond rather than issuing an entirely new security.
Is a Treasury Bond's coupon the same as its yield?
No. The coupon determines the periodic interest payments. Yield takes into account factors including the price paid for the bond and its remaining period to maturity.
How often do Uganda Treasury Bonds pay interest?
Government of Uganda Treasury Bonds generally pay coupon interest every six months.
Is the October 2025 Treasury Bond auction still open?
No. The auction has closed. The information on this page is historical.
Can I still buy Treasury Bonds that were previously auctioned?
Potentially. Previously issued Treasury Bonds can trade through the secondary market, subject to availability and prevailing market prices.
Can I invest in Treasury Bonds through Level Africa?
Yes. Investors can explore Government of Uganda Treasury Bonds currently available through Level Africa.