Uganda T-Bonds Auction Calendar FY 2025/26

Uganda government bonds pay a fixed coupon rate semi-annually (twice a year). For example, a 10YR bond with a 15.8% coupon on a UGX 1,000,000 face value pays UGX 79,000 gross every six months (before withholding tax). Coupon dates are set at issuance and are tied to the bond's maturity date.

WHT on bonds depends on the bond's original tenor: bonds with a tenor of 10 years or more attract 10% WHT on coupon income; bonds shorter than 10 years attract 20% WHT — the same rate as T-bills. This incentive encourages investment in longer-dated government paper. WHT is deducted at each coupon payment and at maturity. There is no WHT on secondary-market capital gains.

The minimum bid at a Bank of Uganda bond auction is UGX 100,000, in multiples of UGX 100,000. Non-competitive bids (open to retail investors) are capped at UGX 200,000,000.

Almost all BoU bond auctions are 'reopenings' — you are buying more units of an existing bond (same ISIN, coupon, and maturity date) rather than a brand-new issue. Your coupon rate is fixed at the bond's original coupon regardless of the yield at which your bid is accepted. The price you pay at auction may be above or below face value depending on market conditions.

BoU runs a Dutch (single-price) auction. Competitive bidders (primary dealer banks) submit yield bids. BoU accepts bids from the lowest yield upward until the target amount is raised. All winning bidders — competitive and non-competitive — are awarded at the highest accepted yield (cut-off yield), which determines the auction price. Non-competitive bidders pay the same price as competitive winners.

Yes. Uganda government bonds are listed on the secondary market operated by Bank of Uganda and the Uganda Securities Exchange. You can sell before maturity, but the price will depend on prevailing market yields — if yields have risen since you bought, the market price will be below what you paid. Most retail investors hold to maturity to lock in the coupon income.

T-bills are short-term (91, 182, 364 days), sold at a discount with no coupon — you earn the difference between purchase price and face value. Bonds are long-term (2–20 years), sold at or near face value and pay a fixed semi-annual coupon. Bonds typically offer higher yields for the longer commitment. WHT on bonds ≥10yr is 10%, versus 20% for T-bills and shorter bonds.

For FY 2025/26, Bank of Uganda is auctioning seven bond series as reopenings: a 2YR (UG12J1301280, 14.125%, matures Jan 2028), a 3YR (UG12GO607287, 15.55%, matures Jul 2028), a 5YR (UG12H0108300, 15.5%, matures Aug 2030), two 10YR bonds (UG12K2306393 at 15.8% and UG12K0811352 at 16.25%), a 15YR (UG12L1806433, 15%, matures Jun 2043), and a 20YR (UG12M0707507, 16%, matures Jul 2050). Each bond auction offers 2–3 of these ISINs simultaneously.