Min UGX 100,000 in multiples of 100,000
Pre-filled from FY25/26 reference bond
Face value: UGX 1,000,000 · 20 coupon payments over 10 years · WHT: 10%
Semi-annual coupon (gross)
Paid every 6 months, before WHT
UGX 79,000
Withholding tax per coupon (10%)
Deducted by BoU before remitting to you
− UGX 7,900
Net coupon received
What lands in your bank account every 6 months
UGX 71,100
Annual net income
UGX 71,100 × 2 payments
UGX 142,200
Total net coupons over 10 years
20 payments × UGX 71,100
UGX 1,422,000
Total return at maturity
Total coupons + face value repaid
UGX 2,422,000
Effective net yield
Annual net income ÷ face value
14.22% p.a.
Wed, 13 May 2026
2YR · 5YR · 10YR
Wed, 10 Jun 2026
3YR · 10YR · 15YR
Frequently Asked Questions — Uganda Government Bonds
What are Uganda government bonds?
Uganda government bonds (Treasury Bonds or T-bonds) are long-term debt securities issued by the Bank of Uganda on behalf of the Ministry of Finance. They have tenors of 2, 3, 5, 10, 15, and 20 years. Unlike Treasury Bills (which are discount instruments), bonds pay a fixed semi-annual coupon (interest) and return the face value at maturity. They are considered risk-free because they are backed by the Government of Uganda.
How do semi-annual coupons work on Uganda government bonds?
The coupon rate is the annual interest rate expressed as a percentage of the face value. Uganda bonds pay this interest in two equal instalments per year (semi-annually). For example, a 10YR bond with a 15.8% coupon on UGX 1,000,000 pays UGX 79,000 gross every 6 months (15.8% × 1,000,000 / 2). Withholding tax is deducted before payment — 10% for bonds ≥10 years, 20% for shorter bonds.
Why is WHT 10% on some bonds and 20% on others?
Bank of Uganda applies a preferential 10% withholding tax to coupon income on bonds with an original tenor of 10 years or longer. Bonds with a tenor shorter than 10 years (2YR, 3YR, 5YR) attract the standard 20% WHT — the same rate as Treasury Bills. This incentive is designed to encourage investment in longer-dated government securities. The calculator automatically applies the correct WHT rate based on the tenor you select.
What is the minimum to invest in Uganda government bonds?
The minimum bid at a Bank of Uganda bond auction is UGX 100,000, submitted in multiples of UGX 100,000. Non-competitive bids (open to retail investors) are capped at UGX 200,000,000. Competitive bids (above UGX 200,100,000) are reserved for Primary Dealer banks.
How is the bond price determined at auction?
BoU uses a Dutch (single-price) auction. The market determines the yield: competitive bidders (primary dealer banks) submit yield bids and BoU accepts from the lowest yield upward until the target amount is raised. All winning bidders pay the same price, calculated from the cut-off yield. If the cut-off yield equals the coupon rate, you pay exactly face value (100). If yields have risen above the coupon, you pay below face value; if yields are below the coupon, you pay above face value.
How do bonds differ from T-bills in Uganda?
T-bills are short-term (91, 182, or 364 days), issued at a discount with no coupon — you earn the difference between your purchase price and the face value at maturity. Bonds are long-term (2–20 years), issued at or near face value and pay fixed semi-annual coupons. Bonds suit investors seeking regular income over a longer period. WHT on bonds ≥10 years is 10%, versus 20% for T-bills and shorter bonds.
What bonds (ISINs) are currently being auctioned by Bank of Uganda?
For FY 2025/26, BoU is auctioning seven bond series: UG12J1301280 (2YR, 14.125%, matures Jan 2028), UG12GO607287 (3YR, 15.55%, matures Jul 2028), UG12H0108300 (5YR, 15.5%, matures Aug 2030), UG12K2306393 (10YR, 15.8%, matures Jun 2039), UG12K0811352 (10YR, 16.25%, matures Nov 2035), UG12L1806433 (15YR, 15%, matures Jun 2043), and UG12M0707507 (20YR, 16%, matures Jul 2050). Each bond auction typically offers 2–3 series simultaneously.
Where can I buy Uganda government bonds?
You can buy Uganda government bonds through: (1) A primary dealer bank — open a CSD account at Stanbic, ABSA, DFCU, or Centenary Bank and submit your bid form before the auction closes at 10:00 EAT on auction Wednesday; (2) A licensed investment firm or broker — firms like Xeno Investment Management, Crested Capital, Dyer and Blair, or UAP Old Mutual can handle the process on your behalf and may offer lower minimums through bond funds.