December 2023 Bank Of Uganda Treasury Bond Auction – Reopened 3-Year and 20-Year Bonds

To close out the year, Bank of Uganda reopened two treasury bonds — giving Ugandans another opportunity to earn safe, government-backed returns. Whether you’re looking for short-term growth or long-term security, here’s what this final 2023 auction had to offer.

What Bonds Were Offered?

Bank of Uganda reopened the following bonds on December 27, 2023:

UG12G0907265 – 13.500% Government of Uganda Treasury Bond due 09-Jul-2026 (3-Year Reopening)
UG12L1806433 – 15.000% Government of Uganda Treasury Bond due 18-Jun-2043 (20-Year Reopening)

Bond Term	ISIN	Coupon Rate	Maturity Date	Offering Amount	Withholding Tax
3-Year	UG12G0907265	13.500%	09-Jul-2026	UGX 200 billion	20%
20-Year	UG12L1806433	15.000%	18-Jun-2043	UGX 320 billion	10%

Key Auction Details

Auction Date: Wednesday, December 27, 2023
Settlement Date: Thursday, December 28, 2023
Minimum Investment:
- UGX 100,000 (non-competitive bid)
- UGX 200.1 million (competitive bid via a primary dealer bank)
Bidding Deadline: 10:00 AM on auction day
Interest Payments: Made every 6 months through to maturity
Allotment: All successful bids (both competitive and non-competitive) were allocated at the same cut-off price — based on the highest accepted yield.

Why These Bonds Matter

The 3-year bond is suitable for short-term goals like tuition, a business project, or savings testing.
The 20-year bond is ideal for long-term planning — retirement, children’s education, or wealth preservation.
Both bonds pay fixed interest every 6 months, giving you a predictable, steady income stream.

How to Invest with Level Africa

You don’t need a broker or paperwork — just your phone and a few taps.

Steps to get started:

Create an account on Level Africa
Complete KYC with your ID or passport
Go to Treasury Bonds under Products
Choose bonds listed (including reopened 3Y or 20Y bonds)
Fund your Level wallet
Buy bonds — instantly, if marked “Available”
Track interest and returns from your dashboard

Final Thoughts

This final auction of 2023 gave Ugandan investors a chance to end the year strong — with steady, reliable returns and long-term security. Whether you’re saving for something soon or planning far ahead, treasury bonds offer peace of mind.

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Frequently Asked Questions About Treasury Bonds in Uganda

What are government bonds?

Government bonds are a way to lend money to the Government of Uganda. In return, the government pays you a fixed interest rate every 6 months and gives back your full investment at the end of the bond’s term.

How do treasury bonds work in Uganda?

You buy a bond (e.g. 3, 5, or 10 years), the government pays you interest every 6 months, and you get your full capital back when the bond matures. All bonds are issued and regulated by the Bank of Uganda.

What is the minimum amount to invest in government bonds?

You can start investing with UGX 100,000 using a non-competitive bid. No broker is needed when using platforms like Level Africa.

How can I buy government bonds in Uganda?

You need a Central Depository System (CDS) account or a digital investment platform like Level Africa.
Steps:

Create an account on Level Africa
Upload your National ID or Passport (KYC)
Go to “Treasury Bonds” under Products
Choose a bond that matches your investment goals
Deposit funds into your wallet
Place your order — instantly if marked “Available”
Track your bond and earnings from your dashboard

What are the current treasury bond interest rates in Uganda (2025)?

Rates vary by bond type and auction results. For example:

2-Year bond: around 15.75%
10-Year bond: around 16.25%
20-Year bond: up to 18.50%
All rates are set during each auction by the Bank of Uganda.

Are treasury bonds safe in 2025?

Yes. Treasury bonds are backed by the Government of Uganda and are considered among the safest investments, especially for long-term or retirement goals.

Do government bonds pay interest?

Yes. Interest is called a coupon and is paid out every 6 months. You receive it directly to your wallet or bank account.

Can I sell a bond before it matures?

Yes, bonds are transferable and can be rediscounted if you need to exit early, although the resale price depends on current market rates.

How do interest rates affect bonds?

If new bond rates go up, the value of existing bonds on the market may go down (and vice versa). However, if you hold your bond until maturity, you still get your full investment and all promised interest.

What’s the difference between treasury bonds and treasury bills?

Treasury bonds: Long-term (2–25 years), pay interest every 6 months
Treasury bills: Short-term (91–364 days), sold at a discount and paid back in full at maturity

Can individuals buy Bank of Uganda treasury bonds?

Yes. Both individuals and institutions can invest. Many Ugandans now use Level Africa to access bonds directly with no paperwork.

How often are treasury bonds auctioned in Uganda?

Typically, every 28 days. The auction calendar is published annually by the Bank of Uganda, and Level Africa notifies you ahead of each sale.