November 2023 (Second Auction) – Bank Of Uganda Treasury Bonds Reopened for 5-Year and 15-Year Terms

To close out November, the Bank of Uganda is reopening two government bonds — one medium-term and one long-term. These bonds offer attractive fixed interest and are ideal for Ugandans planning to grow their money steadily over the next few years or decades.

What Bonds Are Being Offered?

The following bonds will be auctioned on Wednesday, November 29, 2023:

UG12J1301280 – 14.125% Government of Uganda Treasury Bond due 13-Jan-2028 (5-Year Reopening)
UG12K1405378 – 16.000% Government of Uganda Treasury Bond due 14-May-2037 (15-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%
15-Year	UG12K1405378	16.000%	14-May-2037	UGX 320 billion	10%

Key Auction Details

Auction Date: Wednesday, November 29, 2023
Settlement Date: Thursday, November 30, 2023 at 12:00 PM
Minimum Investment:
- UGX 100,000 (non-competitive bid)
- UGX 200.1 million (competitive bid, submitted via a primary dealer bank)
Coupon Payments: Interest is paid every 6 months — twice a year — until maturity
Allotment: All successful bids are awarded at the same cut-off price, corresponding to the highest accepted yield

Why It Matters for Investors

The 5-year bond is great for those planning for medium-term goals like education, land purchase, or home renovation.
The 15-year bond is perfect for investors thinking long-term — such as retirement, children’s university, or legacy building.
Government bonds offer predictable income and protection from market volatility.
Anyone can invest with as little as UGX 100,000 — no need for a broker or special account.

How to Invest with Level Africa

Level Africa gives you access to bonds directly on your phone or laptop — no paperwork, no queues.

Steps to start:

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 second auction in November 2023 gives investors another chance to lock in high, government-backed returns. Whether you’re starting small or planning for the long term, these bonds offer a powerful way to grow your money safely and steadily.

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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.