The Bank of Uganda has released the results of the 28 October 2026 Uganda Government Treasury Bond auction, revealing cut-off yields ranging from 16.000% to 18.475% across four government securities.
The auction attracted approximately UGX 2.99 trillion in bids against an initial offer of UGX 1.4 trillion, demonstrating considerable investor participation in Uganda’s government securities market.
Bank of Uganda accepted approximately UGX 1.88 trillion, exceeding the combined initial offer by UGX 480.88 billion.
The auction covered 2-year, 5-year, 15-year and 25-year Treasury Bonds. According to the official results, the 2-year, 5-year and 25-year securities were re-openings, while the 15-year security was identified as a new bond.
The 25-year bond recorded the highest cut-off yield at 18.475%, followed by the 15-year bond at 17.925%.
Here is a detailed breakdown of the auction results, investor participation, what the yields mean and how to explore Treasury Bonds through Level Africa.
Bank of Uganda Treasury Bond Auction Results – 28 October 2026
The following figures were published by Bank of Uganda following the auction.
| Auction Results | 2-Year | 5-Year | 15-Year | 25-Year |
|---|---|---|---|---|
| Cut-off Yield | 16.000% | 16.800% | 17.925% | 18.475% |
| Cut-off Price (per 100) | 105.442 | 99.950 | 87.648 | 90.409 |
| Amount Offered | UGX 250B | UGX 350B | UGX 450B | UGX 350B |
| Amount Tendered | UGX 550.342B | UGX 484.144B | UGX 899.621B | UGX 1,054.966B |
| Amount Accepted | UGX 193.342B | UGX 202.354B | UGX 552.221B | UGX 932.966B |
| Bid-to-Cover Ratio | 2.846 | 2.393 | 1.629 | 1.131 |
| Maturity Date | 16 Nov 2028 | 20 May 2032 | 5 Sep 2041 | 7 Jul 2050 |
Auction date: Wednesday, 28 October 2026
Settlement date: Thursday, 29 October 2026
Next Treasury Bond auction: Wednesday, 25 November 2026
The results show that all four bonds attracted substantial bids, although the amounts accepted differed considerably across maturities.
The 25-year bond accounted for almost half of the total amount accepted, while the 2-year bond attracted the highest proportion of bids relative to its accepted amount, as reflected in the published bid-to-cover ratios.
Key Highlights from the October 2026 Treasury Bond Auction
1. Investors submitted nearly UGX 3 trillion in bids
Bank of Uganda initially offered UGX 1.4 trillion across the four securities.
Investors submitted bids worth approximately UGX 2.99 trillion, more than twice the combined initial offer.
This indicates significant participation in the auction, although the level of demand varied across the different maturities.
The total amount accepted was approximately UGX 1.88 trillion, meaning not every bid submitted was successful.
Bank of Uganda accepted approximately 62.9% of the total amount tendered.
2. The 25-year Treasury Bond attracted the largest amount of bids
The 25-year Treasury Bond received approximately UGX 1.055 trillion in bids, the highest amount among the four securities.
Bank of Uganda initially offered UGX 350 billion but accepted approximately UGX 932.97 billion.
This was more than two and a half times the initial amount offered.
The 25-year bond also recorded the highest cut-off yield at 18.475%.
These results show substantial participation in the longest-dated security, although they do not establish why individual investors preferred that maturity.
3. The 2-year bond recorded the highest bid-to-cover ratio
The 2-year Treasury Bond recorded a published bid-to-cover ratio of 2.846, compared with:
2.393 for the 5-year bond
1.629 for the 15-year bond
1.131 for the 25-year bond
The bid-to-cover ratio provides an indication of the relationship between bids received and the amount accepted.
In this auction, the 2-year bond recorded the highest ratio, even though the 25-year bond attracted the largest absolute value of bids.
This distinction matters when interpreting auction demand.
4. Longer-dated bonds recorded higher cut-off yields
The published cut-off yields increased across the four maturities:
2-Year: 16.000%
5-Year: 16.800%
15-Year: 17.925%
25-Year: 18.475%
The difference between the 2-year and 25-year cut-off yields was 2.475 percentage points.
The results show that the longest-dated security recorded the highest cut-off yield in this auction.
However, a higher yield does not automatically make a bond more suitable for every investor. Remaining maturity, liquidity requirements and sensitivity to changes in market interest rates also matter.
2-Year Treasury Bond Results: 16.000% Cut-off Yield
The 2-year Treasury Bond, identified by ISIN UG0000001376, matures on 16 November 2028.
Bank of Uganda initially offered UGX 250 billion and received approximately UGX 550.34 billion in bids.
Of this amount, approximately UGX 193.34 billion was accepted.
The auction established a 16.000% cut-off yield and a cut-off price of 105.442 per UGX 100 of face value.
What do these results mean?
The 2-year security attracted more than twice its initial offer in submitted bids.
However, the accepted amount was below the amount initially offered.
This demonstrates that a high volume of submitted bids does not necessarily translate into an equivalent amount being accepted.
The bond also has the shortest remaining maturity among the four securities.
For investors comparing Treasury Bonds, this shorter investment horizon may be relevant when considering when principal repayment is scheduled.
5-Year Treasury Bond Results: 16.800% Cut-off Yield
The 5-year Treasury Bond, ISIN UG12J2005328, matures on 20 May 2032.
Bank of Uganda offered UGX 350 billion and received approximately UGX 484.14 billion in bids.
The amount accepted was approximately UGX 202.35 billion.
The auction recorded a 16.800% cut-off yield and a cut-off price of 99.950 per UGX 100 of face value.
What do these results mean?
The 5-year bond recorded a cut-off yield 0.800 percentage points higher than the 2-year bond.
Its cut-off price was also slightly below face value.
For investors, the 5-year security provides a different remaining maturity from the shorter 2-year bond and the longer 15-year and 25-year securities.
The published bid-to-cover ratio was 2.393, indicating that the amount tendered was substantially greater than the amount accepted.
Investors comparing these bonds should consider both the yields established through the auction and the remaining investment periods.
15-Year Treasury Bond Results: 17.925% Cut-off Yield
The 15-year Treasury Bond, ISIN UG12K0509410, matures on 5 September 2041.
The official results announcement identifies the 15-year security as a new bond, distinguishing it from the three re-openings in the same auction.
Bank of Uganda initially offered UGX 450 billion.
Investors submitted bids worth approximately UGX 899.62 billion, while the amount accepted was approximately UGX 552.22 billion.
The auction recorded a 17.925% cut-off yield and a cut-off price of 87.648 per UGX 100 of face value.
What do these results mean?
The 15-year bond attracted almost UGX 900 billion in submitted bids, approximately twice its initial advertised offer.
Bank of Uganda accepted more than the initial UGX 450 billion offering.
The published cut-off price was below face value, while the cut-off yield was higher than those of the 2-year and 5-year securities.
For investors, the longer remaining maturity introduces additional considerations.
Although Treasury Bonds provide scheduled coupon payments, their market prices can change over time.
An investor selling a longer-dated bond before maturity may be affected by changes in prevailing market yields.
This is why understanding the intended investment horizon is important.
25-Year Treasury Bond Results: 18.475% Cut-off Yield
The 25-year Treasury Bond, ISIN UG12M0707507, matures on 7 July 2050.
This was the longest-dated security in the October auction.
Bank of Uganda initially offered UGX 350 billion but received approximately UGX 1.055 trillion in bids.
The amount accepted reached approximately UGX 932.97 billion, substantially exceeding the initial offer.
The auction recorded the highest cut-off yield of the four securities at 18.475%.
The cut-off price was 90.409 per UGX 100 of face value.
What do these results mean?
The 25-year bond attracted the largest absolute amount of bids and accounted for the largest accepted amount.
Its cut-off yield was also the highest in the auction.
However, the bond has the longest remaining maturity, which introduces different considerations from shorter-dated securities.
Longer-term bond prices are generally more sensitive to changes in interest rates.
If an investor needs to sell before maturity, the prevailing market price may be higher or lower than the original purchase price.
The 18.475% cut-off yield therefore needs to be considered alongside the bond’s remaining maturity, pricing and the investor’s financial objectives.
What Do the October 2026 Treasury Bond Results Tell Us About Investor Demand?
The auction provides several useful observations about participation in Uganda’s government securities market.
First, the total amount tendered was considerably higher than the initial amount offered.
With nearly UGX 3 trillion in submitted bids against an initial UGX 1.4 trillion offering, the auction attracted significant participation.
Second, investor participation was distributed differently across maturities.
The 25-year bond received the largest amount of bids in absolute terms, while the 2-year bond recorded the highest published bid-to-cover ratio.
Third, Bank of Uganda accepted amounts above the initial offers for the 15-year and 25-year securities, while accepting less than initially offered for the 2-year and 5-year bonds.
Finally, cut-off yields increased across the four maturities.
These observations provide a picture of the auction’s outcome, but one auction alone is not enough to establish a sustained trend in interest rates or investor preferences.
For a broader view of government bond yields, investors can review current and historical Bank of Uganda Treasury Bond rates.
What Is a Treasury Bond Cut-off Yield?
A Treasury Bond cut-off yield is the yield associated with the marginal accepted auction price.
It helps investors understand the pricing established through a government securities auction.
However, it is important to distinguish the cut-off yield from a bond’s coupon rate.
The coupon rate determines the bond’s scheduled interest payments based on its face value.
The yield reflects the return associated with the price paid and the bond’s remaining cash flows.
For example, the 25-year bond recorded a cut-off yield of 18.475%.
This figure should not be confused with its fixed coupon rate.
The bond’s purchase price, remaining maturity and future coupon payments all contribute to its yield.
Investors should also distinguish between a published auction yield and the yield available when purchasing a bond later in the secondary market.
Secondary market prices and yields may change.
What Happens After a Treasury Bond Auction?
Once Bank of Uganda completes an auction, successful bids proceed to settlement.
For the 28 October 2026 auction, settlement was scheduled for Thursday, 29 October 2026.
After settlement, Treasury Bonds can continue to be held by investors or traded in the secondary market, subject to market availability.
This means investors do not necessarily have to participate in a primary auction to access government bonds.
Existing Treasury Bonds may also be available for purchase after their original issue dates.
However, the price and yield available in the secondary market can differ from those established during the auction.
Investors should review the current investment terms before purchasing.
How to Invest in Treasury Bonds Through Level Africa
Treasury Bonds are among the investment products available through Level Africa.
Through the platform, investors can explore available government bonds, review their investment details and manage investments online.
You do not necessarily have to wait for the next Bank of Uganda auction to explore Treasury Bond opportunities.
Step 1: Create & Verify Your Account
Register on Level Africa and complete the required account verification.
Step 2: Fund Your Wallet
Add funds to your Level Africa wallet.
Step 3: Choose a Treasury Bond
Browse the Treasury Bonds currently available through Level Africa.
Review the maturity dates, prices, yields and other relevant investment details.
Step 4: Invest & Track
Complete your investment and monitor it through your Level Africa account.
Explore Treasury Bonds on Level Africa
You can also use our Treasury Bond Calculator to estimate coupon payments and explore investment cash flows.
When Is the Next Treasury Bond Auction in Uganda?
The next Bank of Uganda Treasury Bond auction is scheduled for Wednesday, 25 November 2026, according to the October auction results announcement.
Investors should follow official Bank of Uganda announcements for the securities to be offered, submission deadlines and auction terms.
You can also follow the Bank of Uganda Treasury Bond Auction Calendar on Level Africa for upcoming auction dates and related information.
Final Thoughts
The 28 October 2026 Uganda Treasury Bond auction attracted approximately UGX 2.99 trillion in bids, with Bank of Uganda accepting approximately UGX 1.88 trillion across four maturities.
Cut-off yields ranged from 16.000% for the 2-year bond to 18.475% for the 25-year bond.
The results highlight substantial participation in government securities, particularly the longer-dated bonds.
For investors, the auction is another reminder that evaluating Treasury Bonds involves more than comparing headline yields.
Maturity dates, purchase prices, coupon payments, tax treatment and the potential need to sell before maturity all matter.
Through Level Africa, investors can explore available Treasury Bonds and other investment products based on their financial goals and investment horizons.
Frequently Asked Questions
What were the Uganda Treasury Bond yields on 28 October 2026?
The Bank of Uganda published cut-off yields of 16.000% for the 2-year bond, 16.800% for the 5-year bond, 17.925% for the 15-year bond and 18.475% for the 25-year bond.
Which Treasury Bond had the highest yield?
The 25-year Treasury Bond recorded the highest cut-off yield at 18.475%.
How much was submitted in the October 2026 Treasury Bond auction?
Investors submitted approximately UGX 2.99 trillion in bids across the four securities.
How much did Bank of Uganda accept?
Approximately UGX 1.88 trillion was accepted, compared with an initial combined offer of UGX 1.4 trillion.
Which bond attracted the most bids?
The 25-year Treasury Bond attracted the largest absolute amount, with approximately UGX 1.055 trillion in bids submitted.
What is the difference between a coupon rate and a cut-off yield?
A coupon rate determines fixed interest payments based on a bond’s face value. The cut-off yield reflects the yield associated with the marginal accepted auction price and the bond’s remaining cash flows.
Can I invest in Treasury Bonds after the auction?
Yes. Treasury Bonds may be available in the secondary market after issuance, subject to availability and prevailing market prices.
Can I buy Treasury Bonds through Level Africa?
Yes. Level Africa provides access to Treasury Bonds available on its platform. Investors can create an account, complete verification, fund their wallet and select an available investment.
When is the next Uganda Treasury Bond auction?
The next Treasury Bond auction is scheduled for 25 November 2026, according to the Bank of Uganda results announcement.