The Bank of Uganda has released the results of Uganda Government Treasury Bills Auction No. 1234, held on 2 September 2026.
The auction covered the three standard Treasury Bill maturities: 91 days, 182 days and 364 days.
The results show strong demand across the auction, with investors submitting more than UGX 804 billion in bids against an initial offer of UGX 350 billion.
The resulting money market yields were 9.749% for the 91-Day Treasury Bill, 9.999% for the 182-Day Treasury Bill and 10.999% for the 364-Day Treasury Bill.
September 2026 Treasury Bills Auction Results
Here is how the three Treasury Bills performed:
| 91 Days | 182 Days | 364 Days | |
|---|---|---|---|
| Money Market Yield | 9.749% | 9.999% | 10.999% |
| Effective Yield | 10.112% | 10.250% | 11.001% |
| Cut-off Price | 97.627 | 95.291 | 90.115 |
| Amount Offered | UGX 15B | UGX 35B | UGX 300B |
| Amount Tendered | UGX 62.10B | UGX 115.28B | UGX 626.71B |
| Accepted Bids | UGX 7.09B | UGX 16.98B | UGX 441.83B |
| Bid-to-Cover Ratio | 8.757 | 6.791 | 1.418 |
The auction settled on 3 September 2026.
For investors primarily interested in what Treasury Bills are yielding now, we keep the latest figures updated on our Treasury Bill rates in Uganda page.
91-Day Treasury Bill Results
The 91-Day Treasury Bill recorded a money market yield of 9.749% and an effective yield of 10.112%.
Bank of Uganda initially offered UGX 15 billion, while investors submitted approximately UGX 62.10 billion in bids.
Approximately UGX 7.09 billion was ultimately accepted.
The security has a cut-off price of 97.627 and matures on 3 December 2026.
The bid-to-cover ratio was 8.757, meaning the amount tendered was several times the amount initially offered.
For investors, the 91-Day Treasury Bill provides the shortest maturity of the three standard Treasury Bill options.
182-Day Treasury Bill Results
The 182-Day Treasury Bill recorded a money market yield of 9.999% and an effective yield of 10.250%.
Bank of Uganda initially offered UGX 35 billion.
Investors submitted approximately UGX 115.28 billion in bids, while approximately UGX 16.98 billion was accepted.
The cut-off price was 95.291, and the security matures on 4 March 2027.
The bid-to-cover ratio reached 6.791.
The 182-Day Treasury Bill therefore offered a slightly higher yield than the 91-Day Bill, but with an investment period approximately twice as long.
364-Day Treasury Bill Results
The 364-Day Treasury Bill recorded the highest yield of the three maturities.
Its money market yield was 10.999%, while its effective yield was 11.001%.
Bank of Uganda initially offered UGX 300 billion, but investors submitted approximately UGX 626.71 billion in bids.
Bank of Uganda ultimately accepted approximately UGX 441.83 billion, which was higher than the amount originally offered.
The cut-off price was 90.115, and the security matures on 2 September 2027.
Its bid-to-cover ratio was 1.418.
While the 364-Day Bill provided the highest yield in this auction, investors choosing it are also committing their money for a longer period than investors choosing the 91-Day or 182-Day securities.
How Strong Was Demand for Treasury Bills?
Demand was considerably higher than the initial amount Bank of Uganda planned to offer.
Across the three maturities, Bank of Uganda initially offered:
UGX 350 billion
Investors tendered approximately:
UGX 804.08 billion
That means the total amount investors attempted to invest was more than twice the initial offer.
The largest amount of demand in absolute terms went into the 364-Day Treasury Bill, which received approximately UGX 626.71 billion in bids.
The shorter maturities, however, recorded much higher bid-to-cover ratios because their initial offer sizes were considerably smaller.
This distinction matters when reading auction results. The amount of money tendered and the bid-to-cover ratio tell related but different stories about demand.
Why Did Bank of Uganda Accept More Than It Offered on the 364-Day Bill?
One particularly noticeable result from this auction is the 364-Day Treasury Bill.
Bank of Uganda initially offered UGX 300 billion but ultimately accepted approximately UGX 441.83 billion.
This is possible because the auction terms allow Bank of Uganda to increase or reduce the amount offered and to accept or reject applications in whole or in part.
The amount announced before an auction should therefore be understood as the initial offer rather than a guarantee of exactly how much will ultimately be accepted.
This is one reason it is useful to look at the final auction results rather than the invitation alone.
What Do the September Treasury Bill Yields Mean?
The results produced an upward yield progression as maturity increased:
91 Days → 9.749%
182 Days → 9.999%
364 Days → 10.999%
In this auction, investors received a higher annualised yield for the longer Treasury Bill maturity.
But the percentages should not be interpreted as the amount an investor earns over each Treasury Bill’s actual term.
For example, an investor in the 91-Day Treasury Bill does not earn 9.749% over 91 days.
Treasury Bill yields are quoted on an annualised basis.
Treasury Bills are also generally bought at a discount to their face value and redeemed at face value at maturity. The difference between the purchase amount and the amount received at maturity represents the investor’s return before applicable taxes and other considerations.
If you want to translate a quoted yield into an investment amount, our guide on how to calculate Treasury Bill returns in Uganda explains the calculation with examples.
Money Market Yield vs Effective Yield
The Bank of Uganda results show both a money market yield and an effective yield.
For example, the 91-Day Treasury Bill recorded:
Money market yield: 9.749%
Effective yield: 10.112%
The difference comes from how the return is calculated and annualised.
The effective yield reflects the return relative to the amount actually invested using a different annualisation method, while the money market yield provides a standard market convention for expressing Treasury Bill yields.
This is why the figures differ even though they describe the same security.
When comparing different Treasury Bills or different auctions, make sure you are comparing the same yield measure.
Which Treasury Bill Had the Highest Rate?
The 364-Day Treasury Bill had the highest money market yield in Auction No. 1234 at 10.999%.
It was followed by:
182-Day Treasury Bill — 9.999%
91-Day Treasury Bill — 9.749%
That does not automatically mean the 364-Day Bill is the right choice for every investor.
The higher yield comes with a longer maturity.
Someone who expects to need their money in a few months may evaluate the 91-Day Treasury Bill differently from someone comfortable investing for approximately one year.
Yield and maturity should therefore be considered together.
What Happens When a Treasury Bill Matures?
Treasury Bills do not normally make regular coupon payments like Treasury Bonds.
Instead, they are generally purchased at a discount and redeemed at their face value at maturity.
For the securities in Auction No. 1234, the maturity dates are:
91-Day: 3 December 2026
182-Day: 4 March 2027
364-Day: 2 September 2027
At maturity, repayment takes place according to the terms of the security.
This structure makes Treasury Bills quite different from Treasury Bonds in Uganda, which are longer-term government securities and generally make coupon payments every six months.
How Much Do You Need to Invest in Treasury Bills?
For Issue No. 1234, the minimum non-competitive bid specified by Bank of Uganda was UGX 100,000.
Competitive bids had a minimum of UGX 200.1 million and were restricted to Primary Dealer Banks.
Individual investors therefore do not need hundreds of millions of shillings simply because the auction itself involves hundreds of billions.
If you’re new to government securities, our guide to buying Treasury Bills in Uganda explains how the investment process works.
When Is the Next Treasury Bills Auction?
The next Bank of Uganda Treasury Bills auction is scheduled for:
30 September 2026
The 91-Day, 182-Day and 364-Day yields from that auction may differ from those recorded in Auction No. 1234.
Rather than relying on an older auction article whenever rates change, investors can check our current Treasury Bill rates in Uganda page, which tracks the latest available rates.
Looking for Other Ways to Invest?
Treasury Bills are not currently available for investment through Level Africa, but there are other investment options you can explore depending on what you want your money to achieve.
If you were considering Treasury Bills because you want exposure to government securities, you can explore Treasury Bonds available through Level Africa.
If your priority is shorter-term investing and access to your money, you can compare Unit Trusts, including Money Market Funds available on the platform.
Level Africa also provides Fixed Income opportunities for investors looking for structured income investments.
You can compare the available options based on their minimum investment, potential return, investment period, liquidity and risk before deciding what fits your goal.
Frequently Asked Questions
What were the September 2026 Treasury Bill rates in Uganda?
Auction No. 1234 produced money market yields of 9.749% for the 91-Day Treasury Bill, 9.999% for the 182-Day Treasury Bill and 10.999% for the 364-Day Treasury Bill.
Which Treasury Bill had the highest yield?
Which Treasury Bill had the highest yield?
How much was offered in the auction?
Bank of Uganda initially offered UGX 350 billion across the three Treasury Bill maturities.
Which Treasury Bills were offered?
The auction included 91-Day, 182-Day and 364-Day Treasury Bills.
How much did investors bid?
Approximately UGX 804.08 billion was tendered across the three maturities.
How much did Bank of Uganda accept?
Approximately UGX 465.90 billion was accepted across the 91-Day, 182-Day and 364-Day Treasury Bills.
What is the minimum investment in Treasury Bills?
The minimum non-competitive bid for Issue No. 1234 was UGX 100,000.
When is the next Treasury Bills auction?
The next auction is scheduled for 30 September 2026.