November 2023 Bank Of Uganda Treasury Bond Auction – What You Should Know

As the year winds down, investors in Uganda are getting more opportunities to grow their money through treasury bonds. For the month of November 2023, the Bank of Uganda reopened two government bonds — one short-term and one long-term — offering attractive interest and low entry barriers. Here’s what was on offer.

What Bonds Were Offered?

On November 1, 2023, the Bank of Uganda reopened two treasury bonds:

UG12G2905259 – 14.000% Government of Uganda Treasury Bond due 29-May-2025 (2-Year Reopening)
UG12K0302337 – 14.375% Government of Uganda Treasury Bond due 03-Feb-2033 (10-Year Reopening)

Bond Term	ISIN	Coupon Rate	Maturity Date	Offering Amount	Withholding Tax
2-Year	UG12G2905259	14.000%	29-May-2025	UGX 200 billion	20%
10-Year	UG12K0302337	14.375%	03-Feb-2033	UGX 320 billion	10%

These were reopening auctions, meaning the bonds were originally issued earlier and are now available again for investors to buy.

How the Auction Worked

Auction Date: Wednesday, November 1, 2023
Settlement Date: Thursday, November 2, 2023
Minimum Investment:
- UGX 100,000 (non-competitive bid)
- UGX 200.1 million (competitive bid)
Interest Payments: Every 6 months (see schedule in official document)
Allotment: All successful bids (competitive or non-competitive) are priced at the same cut-off yield — the highest accepted interest rate.

Non-competitive bids up to UGX 200 million are accepted in full — making this option ideal for new and retail investors.

Why These Bonds Matter

The 2-year bond is perfect for short-term goals like school fees, renovations, or testing bonds for the first time.
The 10-year bond is better for medium-to-long-term planning — think homeownership, children’s education, or business expansion.
Both bonds offer fixed, semi-annual interest, providing a reliable income stream while your capital stays intact until maturity.

How to Invest with Level Africa

Level Africa makes the process digital, affordable, and beginner-friendly.

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

The November 2023 bond auction gives investors another solid opportunity to earn government-guaranteed returns. With yields of 14% and above and no barriers to entry, these bonds are a smart addition to any portfolio — whether you’re a first-time investor or a seasoned planner.

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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.