January 2025 Bank Of Uganda Treasury Bond Auction – Results & What It Means for You

In January 2025, the Bank of Uganda conducted two treasury bond reopenings:

On January 8, they reopened 2-year, 5-year, and 15-year bonds.
On January 22, they reopened 3-year, 10-year, and 20-year bonds.

Reopenings mean these bonds were previously issued and are now offered again to raise more funds for the government.

January 8 Auction – Bonds Reopened

UG12G0907265 – 13.500% 2-Year Bond maturing 09-Jul-2026
UG0000001533 – 14.250% 5-Year Bond maturing 23-Aug-2029
UG12K2306393 – 15.800% 15-Year Bond maturing 23-Jun-2039

Bond Term	Maturity Date	Cut-off Yield	Amount Raised
2-Year	09-Jul-2026	16.00%	UGX 255.03 billion
5-Year	23-Aug-2029	16.75%	UGX 445.43 billion
15-Year	23-Jun-2039	17.50%	UGX 811.53 billion

These bonds saw strong demand, especially the 15-year bond which raised over UGX 800 billion.

January 22 Auction – Bonds Reopened

UG12J1301280 – 14.125% 3-Year Bond maturing 13-Jan-2028
UG12K2206346 – 14.250% 10-Year Bond maturing 22-Jun-2034
UG12L1806433 – 15.000% 20-Year Bond maturing 18-Jun-2043

Bond Term	Maturity Date	Cut-off Yield	Amount Raised
3-Year	13-Jan-2028	16.55%	UGX 173.99 billion
10-Year	22-Jun-2034	17.10%	UGX 183.66 billion
20-Year	18-Jun-2043	17.89%	UGX 670.79 billion

The 20-year bond was the most popular in this auction — receiving nearly UGX 1 trillion in bids.

What These Results Tell Us

High yields across all tenors. Ranging from 16% on short-term bonds to nearly 18% on long-term bonds.
Long-term confidence. Investors placed large bids for the 15- and 20-year bonds, showing strong interest in stable, long-term returns.
Predictable income. These bonds pay interest every 6 months, making them suitable for income planning.

Example: What Would You Earn?

If you invested UGX 1,000,000 in the 5-year bond at 16.75%:

You’d earn UGX 167,500 annually, paid in two parts
Over 5 years, that’s UGX 837,500 in total interest
At maturity, you get back your UGX 1,000,000

How to Invest in Treasury Bonds via Level Africa

You can invest easily from your phone or computer using Level Africa.

Here’s how to start:

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 goal
Deposit funds into your wallet
Place your order – bonds marked “Available” can be bought instantly
Track your interest and returns online

Final Thoughts

Both January auctions show strong investor appetite for treasury bonds — offering high returns and government-backed safety. Whether you’re saving for the short or long term, treasury bonds remain one of Uganda’s most dependable investment options.

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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.