March 2022 Bank Of Uganda Treasury Bond Auction – 5-Year and 20-Year Bonds Reopened

In March 2022, Bank of Uganda announced the reopening of two treasury bonds — one medium-term and one long-term. These government-backed securities provide an excellent way for Ugandans to earn fixed interest while preserving capital. Whether you’re investing for a milestone in five years or building intergenerational wealth, this auction offered options for all.

What Bonds Were Offered?

The following bonds were reopened on Wednesday, March 23, 2022:

UG12J0605277 – 16.000% Government of Uganda Treasury Bond due 06-May-2027 (5-Year Reopening)
UG12L0111405 – 17.500% Government of Uganda Treasury Bond due 01-Nov-2040 (20-Year Reopening)

Bond Term	ISIN	Coupon Rate	Maturity Date	Offering Amount	Withholding Tax
5-Year	UG12J0605277	16.000%	06-May-2027	UGX 200 billion	20%
20-Year	UG12L0111405	17.500%	01-Nov-2040	UGX 300 billion	10%

These are reopening bonds, meaning they had been issued previously and were offered again to investors.

Auction Details

Auction Date: Wednesday, March 23, 2022
Settlement Date: Thursday, March 24, 2022 (by 12:00 PM)
Minimum Investment:
- UGX 100,000 for non-competitive bids
- UGX 200.1 million for competitive bids via Primary Dealer Banks
Coupon Payments: Every 6 months until maturity
Bidding Deadline: 10:00 AM on auction day
Allotment Method: All successful bids (competitive and non-competitive) are awarded at the lowest price accepted — the auction cut-off price.

Why These Bonds Matter

The 5-year bond is great for medium-term goals like tuition, home improvement, or small business funding.
The 20-year bond is well-suited for long-term financial planning like retirement, wealth transfer, or large-scale investments.
With fixed interest and a guaranteed return of principal, these bonds offer both security and predictable income.
Starting at UGX 100,000, these investments are open to a wide range of Ugandans.

How to Invest with Level Africa

Level Africa lets you invest in government bonds digitally and securely from your phone or computer.

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

The March 2022 auction gave Ugandan investors the opportunity to build wealth and secure their futures with bonds offering high returns and government-backed safety. Whether you’re investing for 5 years or 20, treasury bonds remain one of the most reliable tools for long-term financial growth.

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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.