The Bank of Uganda invited applications for Uganda Government Treasury Bills under Issue No. 1234, offering investors 91-Day, 182-Day and 364-Day Treasury Bills.
The auction was scheduled for Wednesday, 2 September 2026, with a total of UGX 350 billion offered across the three maturities.
For investors considering short-term government securities, the auction provided a choice between approximately three months, six months and one year.
The auction has since concluded, and the results are now available. This article records what was offered and how the auction was structured, while the latest yields can always be found on our Treasury Bill rates in Uganda page.
Treasury Bills Offered in Issue No. 1234
Bank of Uganda offered the following securities:
| Maturity | ISIN | Amount Offered | Maturity Date |
|---|---|---|---|
| 91 Days | UG11B0312261 | UGX 15 billion | 3 December 2026 |
| 182 Days | UG11C0403274 | UGX 35 billion | 4 March 2027 |
| 364 Days | UG11E0209271 | UGX 300 billion | 2 September 2027 |
| Total | UGX 350 billion |
The auction was held on 2 September 2026, with settlement scheduled for the following day, 3 September 2026.
The largest portion of the offer was allocated to the 364-Day Treasury Bill, accounting for UGX 300 billion of the UGX 350 billion initially offered.
91-Day Treasury Bill
The shortest security in the auction was the 91-Day Treasury Bill.
Bank of Uganda offered UGX 15 billion under ISIN UG11B0312261, with the security scheduled to mature on 3 December 2026.
The shorter maturity meant investors participating in this security were committing their money for approximately three months.
Treasury Bills do not generally make periodic coupon payments like Treasury Bonds. Instead, they are typically purchased at a discount and redeemed at their face value when they mature.
182-Day Treasury Bill
The second security offered was the 182-Day Treasury Bill.
Bank of Uganda offered UGX 35 billion under ISIN UG11C0403274.
Its maturity date was set for 4 March 2027.
This maturity sits between the shorter 91-Day Treasury Bill and the longer 364-Day Treasury Bill, giving investors another option when considering how long they want their capital invested.
364-Day Treasury Bill
The largest part of Issue No. 1234 was the 364-Day Treasury Bill.
Bank of Uganda offered UGX 300 billion under ISIN UG11E0209271, with a maturity date of 2 September 2027.
This represented approximately 86% of the total UGX 350 billion initially offered in the auction.
Of the three Treasury Bills, it also required investors to commit their money for the longest period.
How Much Was the Minimum Investment?
Bank of Uganda specified different minimums for competitive and non-competitive bids.
For non-competitive bids, the minimum was:
UGX 100,000
For competitive bids, the minimum was:
UGX 200.1 million
Competitive bids were restricted to Primary Dealer Banks. Non-competitive bids could be submitted through commercial banks, subject to the auction requirements.
This distinction is important for individual investors because you do not need UGX 200.1 million to participate in Treasury Bills.
Bank of Uganda specified different minimums for competitive and non-competitive bids.
For non-competitive bids, the minimum was:
UGX 100,000
For competitive bids, the minimum was:
UGX 200.1 million
Competitive bids were restricted to Primary Dealer Banks. Non-competitive bids could be submitted through commercial banks, subject to the auction requirements.
The UGX 200.1 million threshold applied specifically to competitive bidding.
Competitive vs Non-Competitive Treasury Bill Bids
There are two different ways bids can participate in a Treasury Bills auction.
Competitive Bids
Competitive bidders submit the price at which they are willing to buy the Treasury Bill.
For Issue No. 1234, Bank of Uganda required competitive bid prices to be expressed to three decimal places.
Competitive bidding was limited to Primary Dealer Banks.
Non-Competitive Bids
Non-competitive investors do not determine their own auction price.
For Issue No. 1234, successful non-competitive bids were allocated at the auction cut-off price, subject to the applicable auction rules.
Bank of Uganda also specified that non-competitive bids could be accepted up to UGX 200 million per maturity.
For an individual investor, this provides a simpler way to participate without having to determine the price to submit competitively.
When Was the Deadline for Bids?
The deadline for the auction was:
10:00 a.m., Wednesday, 2 September 2026.
Primary Dealer Banks and other commercial banks were required to submit bids electronically to Bank of Uganda through the Central Securities Depository (CSD) by that deadline.
The settlement date for successful bids was Thursday, 3 September 2026.
How Are Successful Treasury Bill Bids Allocated?
Bank of Uganda stated that successful competitive and non-competitive bids would be allocated at one price.
That price would be the lowest accepted auction price per 100, corresponding to the highest accepted auction yield.
This is one of the reasons the final Treasury Bill yield is not known simply from the auction invitation.
The invitation tells investors what securities are being offered and the terms of the auction.
The eventual price and yield become clear once bidding has concluded and Bank of Uganda releases the results.
How Do You Earn From Treasury Bills?
Treasury Bills work differently from Treasury Bonds.
Treasury Bonds generally make periodic coupon payments.
Treasury Bills are short-term securities that are generally issued at a discount to their face value.
The investor pays less than the amount that will be received when the Treasury Bill matures.
That difference represents the investment return before applicable taxes and other considerations.
For example, the 91-Day Treasury Bill in this auction matured after approximately three months, while the 364-Day Treasury Bill ran for almost a year.
Because the investment periods differ, investors should compare both yield and maturity, rather than choosing solely based on which Treasury Bill ultimately produces the highest auction yield.
Our guide on how to calculate Treasury Bill returns in Uganda explains how the discount and return calculations work.
What Happened at the September Treasury Bills Auction?
Issue No. 1234 has now concluded.
The auction eventually produced money market yields of:
91-Day Treasury Bill: 9.749%
182-Day Treasury Bill: 9.999%
364-Day Treasury Bill: 10.999%
Bank of Uganda also received substantially more bids than the UGX 350 billion initially offered across the three maturities.
We cover the demand, accepted bids, cut-off prices and resulting yields separately in our September 2026 Uganda Treasury Bills auction results article.
This distinction is useful because the invitation shows what Bank of Uganda intended to offer, while the results show what actually happened once investors submitted their bids.
How to Invest in Treasury Bills in Uganda
For investors, following an auction announcement is only part of the process.
You also need to understand how to participate, how much you need, how your bid is submitted and what happens if it is successful.
Individual investors generally participate through the non-competitive route via a commercial bank, subject to the applicable Bank of Uganda requirements.
Our step-by-step guide to buying Treasury Bills in Uganda explains the process in more detail.
If your main concern is the return currently available rather than a particular auction, the Treasury Bill rates in Uganda page tracks the latest 91-Day, 182-Day and 364-Day yields.
When Is the Next Treasury Bills Auction?
The next Treasury Bills auction is scheduled for:
30 September 2026.
The securities offered, amounts and other auction terms will be confirmed through the applicable Bank of Uganda auction notice.
Once that auction is completed, the resulting yields may differ from those recorded in Issue No. 1234.
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
When was Treasury Bills Issue No. 1234 auctioned?
The auction was held on Wednesday, 2 September 2026, with settlement on Thursday, 3 September 2026.
How much did Bank of Uganda offer?
Bank of Uganda initially offered UGX 350 billion across the 91-Day, 182-Day and 364-Day Treasury Bills.
What was the minimum bid?
The minimum non-competitive bid was UGX 100,000. The minimum competitive bid was UGX 200.1 million and competitive bidding was restricted to Primary Dealer Banks.
Which Treasury Bills were offered?
The auction included 91-Day, 182-Day and 364-Day Treasury Bills.
What were the Treasury Bill rates after the auction?
The resulting money market yields were 9.749% for 91 days, 9.999% for 182 days and 10.999% for 364 days.
When is the next Treasury Bills auction?
The next Treasury Bills auction is scheduled for 30 September 2026