November 2022 Bank Of Uganda Treasury Bond Auctions – Two Rounds, Multiple Opportunities

November 2022 featured two separate treasury bond auctions by the Bank of Uganda — offering both short-term and long-term investment options for Ugandans. Whether you’re looking for returns in the next two years or planning for decades ahead, these auctions had something for you.

Auction 1: November 2, 2022 – 2-Year and 10-Year Reopenings

On Wednesday, November 2, 2022, Bank of Uganda reopened two bonds:

UG12F0808242 – 14.000% Government of Uganda Treasury Bond due 08-Aug-2024 (2-Year Reopening)
UG12J2005328 – 15.000% Government of Uganda Treasury Bond due 20-May-2032 (10-Year Reopening)

Bond Term	ISIN	Coupon Rate	Maturity Date	Offering Amount	Withholding Tax
2-Year	UG12F0808242	14.000%	08-Aug-2024	UGX 200 billion	20%
10-Year	UG12J2005328	15.000%	20-May-2032	UGX 350 billion	10%

Auction 2: November 30, 2022 – 5-Year and 20-Year Reopenings

A second auction was held on Wednesday, November 30, 2022, reopening two additional bonds:

UG12J1301280 – 14.125% Government of Uganda Treasury Bond due 13-Jan-2028 (5-Year Reopening)
UG12L1408420 – 18.500% Government of Uganda Treasury Bond due 14-Aug-2042 (20-Year Reopening)

Bond Term	ISIN	Coupon Rate	Maturity Date	Offering Amount	Withholding Tax
5-Year	UG12J1301280	14.125%	13-Jan-2028	UGX 200 billion	20%
20-Year	UG12L1408420	18.500%	14-Aug-2042	UGX 350 billion	10%

Why These Auctions Matter

The 2-Year bond gives quick returns and is suitable for short-term planning — like saving for tuition or a project.
5-Year and 10-Year bonds offer medium-term returns for goals like land, home improvements, or building capital.
The 20-Year bond provides the highest yield — ideal for long-term planning such as retirement or generational wealth.
All bonds pay fixed interest every 6 months, and return your full investment when they mature.
With just UGX 100,000, anyone in Uganda can start investing.

How to Invest with Level Africa

At Level Africa, investing in government bonds is simple and 100% online.

Here’s how 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

November 2022 offered two powerful opportunities to invest in treasury bonds. Whether you’re investing for a few years or the long haul, these government securities deliver steady returns and peace of mind.

Start Now – Create an Account on Level Africa

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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.