The Bank of Uganda scheduled its latest Uganda Government Treasury Bills auction for Wednesday, 21 October 2026, offering a combined UGX 350 billion across three maturities: 91 days, 182 days and 364 days.
The auction, Issue No. 1236, provided investors with an opportunity to participate in short-term government securities with maturities ranging from approximately three months to one year.
Treasury Bills are among the short-term investment instruments available in Uganda’s government securities market. Unlike Treasury Bonds, they do not make regular coupon payments. Instead, investors generally purchase them at a discount to face value and receive the full face value at maturity.
Here is a breakdown of the October 2026 auction, how Treasury Bills work, and other investment products investors can explore.
Uganda Treasury Bills Auction – October 2026 at a Glance
| Details | 91-Day Bill | 182-Day Bill | 364-Day Bill |
|---|---|---|---|
| ISIN | UG11B2101274 | UG11C2204274 | UG11E0209271 |
| Amount Offered | UGX 15 billion | UGX 35 billion | UGX 300 billion |
| Maturity Date | 21 Jan 2027 | 22 Apr 2027 | 21 Oct 2027 |
Understanding the Three Treasury Bill Maturities
91-Day Treasury Bills
The 91-day Treasury Bill has the shortest investment period of the three securities.
For the October 2026 auction, Bank of Uganda offered UGX 15 billion, with maturity scheduled for 21 January 2027.
Investors considering this maturity are generally looking at a relatively short period before the security matures.
182-Day Treasury Bills
The 182-day Treasury Bill has an investment period of approximately six months.
Bank of Uganda offered UGX 35 billion, with maturity scheduled for 22 April 2027.
This maturity falls between the shorter 91-day and longer 364-day Treasury Bills.
364-Day Treasury Bills
The 364-day Treasury Bill has the longest maturity among the three securities in this auction.
Bank of Uganda offered UGX 300 billion, with maturity scheduled for 21 October 2027.
The amount offered was considerably larger than the combined amounts of the 91-day and 182-day securities.
How Do Treasury Bills Work in Uganda?
Treasury Bills are short-term debt securities issued by the Government of Uganda through Bank of Uganda.
When you invest in a Treasury Bill, you are effectively lending money to the government for a specified period.
Treasury Bills are typically issued at a discount to their face value.
For example, an investor might purchase a Treasury Bill with a face value of UGX 1,000,000 for UGX 950,000.
At maturity, the investor receives the UGX 1,000,000 face value.
In this simplified illustration, the difference of UGX 50,000 represents the gross discount income before applicable taxes and charges.
The example is illustrative only and does not represent the actual yield or price established in the October 2026 auction.
The auction results determine the accepted pricing and yields.
What Is the Minimum Investment in Uganda Treasury Bills?
The minimum non-competitive Treasury Bill bid through a commercial bank is generally UGX 100,000.
Investors typically need a Central Securities Depository (CSD) account, which can be opened through a participating commercial bank.
Competitive bidding is subject to different requirements and is submitted through authorised Primary Dealer Banks.
The minimum amount is only one consideration. Investors should also understand the maturity period, prevailing yield, tax treatment and when their money will become available.
Treasury Bills vs Treasury Bonds: What's the Difference?
Both Treasury Bills and Treasury Bonds are government securities, but they serve different investment horizons.
| Feature | Treasury Bills | Treasury Bonds |
|---|---|---|
| Investment period | 91, 182 or 364 days | Generally multiple years |
| How returns are earned | Discount to face value | Coupon payments and purchase-price effects |
| Regular coupon payments | No | Yes |
| Repayment at maturity | Face value | Principal according to bond terms |
| Access through Level Africa | Not currently offered | Available |
For investors interested in longer-term government securities, Treasury Bonds provide an alternative worth understanding.
Unlike Treasury Bills, Treasury Bonds generally make periodic coupon payments during the life of the investment.
However, Treasury Bonds can also experience price changes in the secondary market, particularly when prevailing interest rates change.
What Other Investment Options Can You Explore Through Level Africa?
Treasury Bills are not currently offered through Level Africa, but investors exploring short-term government securities may also be interested in other ways to put their money to work.
The appropriate product depends on the investor’s goals, investment horizon, liquidity needs and tolerance for risk.
1. Unit Trusts
Unit Trusts pool money from multiple investors into professionally managed investment funds.
Depending on the fund, investments may include money market instruments, government securities and other assets.
For investors who are interested in Treasury Bills because they want to invest smaller amounts or maintain access to their funds, certain money market Unit Trusts may be worth comparing.
However, Unit Trusts are not identical to Treasury Bills. Their underlying investments, returns, fees, risks and withdrawal terms can differ.
Explore Unit Trusts on Level Africa
You can also compare options using our Unit Trust comparison guide.
2. Treasury Bonds
Treasury Bonds are longer-term government securities that generally pay interest through periodic coupons.
They may appeal to investors who are comfortable with longer investment horizons and want to explore government-issued fixed-income securities.
3. Fixed Income
Investors looking for income-generating opportunities can also explore the Fixed Income products available through Level Africa.
Terms, maturities, returns and access conditions vary by investment.
The October 2026 Treasury Bills auction offered investors three short-term maturities, with the largest allocation directed toward the 364-day security.
For investors researching Treasury Bills, understanding how they work is a useful starting point. But it is equally important to compare investment horizons, returns, risks and access to funds across different products.
Whether you’re considering government securities or professionally managed investment funds, Level Africa provides access to a range of investment opportunities.
How to Start Investing Through Level Africa
Level Africa provides digital access to investment products, allowing investors to explore available opportunities and manage their investments online.
Getting started involves four steps.
1. Create & Verify: Register for an account and complete the verification process.
2. Fund Your Wallet: Add funds to your Level Africa wallet.
3. Choose a Product: Explore Treasury Bonds, Unit Trusts, Fixed Income and other available investment products.
4. Invest & Track: Complete your investment and monitor it through your account.
Frequently Asked Questions
When was the October 2026 Treasury Bills auction?
The auction was scheduled for Wednesday, 21 October 2026, with settlement on Thursday, 22 October 2026.
How much did Bank of Uganda offer?
UGX 350 billion across the 91-day, 182-day and 364-day Treasury Bills.
What were the Treasury Bill interest rates?
The invitation to tender does not specify the final auction yields. Those are determined through the auction and published in the official results.
Can I buy Treasury Bills on Level Africa?
No. Level Africa does not currently offer Treasury Bills. Investors can explore Treasury Bonds, Unit Trusts and Fixed Income products available on the platform.
Are Unit Trusts the same as Treasury Bills?
No. Treasury Bills are government-issued short-term debt securities, while Unit Trusts are professionally managed pooled investment funds. Some Unit Trusts may invest in Treasury Bills as part of their portfolios.