Overview:

The announcement, made under the Public Finance Management Act 2015, gives investors an opportunity to participate in government financing while earning fixed returns.

The Bank of Uganda (BOU) has invited applications for a substantial offering of Uganda Government Treasury Bills, totaling UGX 355 billion, across three maturities. The announcement, made under the Public Finance Management Act 2015, gives investors an opportunity to participate in government financing while earning fixed returns.

The auction, scheduled for Wednesday, October 8, 2025, includes the following maturities:

  • 91 Days (ISIN: UG11B0901261): UGX 25 billion, maturing on January 9, 2026
  • 182 Days (ISIN: UG11C1004261): UGX 75 billion, maturing on April 10, 2026
  • 364 Days (ISIN: UG11E0910266): UGX 255 billion, maturing on October 9, 2026

Successful bidders will be required to settle payments by Friday, October 10, 2025. The bid submission deadline is 10:00 AM on the day of the auction.

Competitive vs. Non-Competitive Bidding

The auction allows participation through two channels:

1. Competitive Bids (Primary Dealers Only)
Only Primary Dealer Banks may submit competitive bids via the Central Securities Depository (CSD). Minimum bids are UGX 200,100,000, and prices must be expressed to three decimal places. Current Primary Dealers include ABSA Bank, Citi Bank, Centenary Bank, DFCU Bank, Equity Bank, Housing Finance Bank, Stanbic Bank, and Standard Chartered Bank.

2. Non-Competitive Bids (Open to All Investors)
This option allows smaller investors to participate via any commercial bank. Minimum bids start at UGX 100,000, with allocations accepted in full at the cut-off price up to UGX 200 million per maturity.

Allocation Principles

All successful bids, both competitive and non-competitive, will be allocated at a single price, corresponding to the lowest accepted price per 100 (or highest accepted yield). The Bank of Uganda reserves the right to adjust the offering amount or reject any applications.

The Treasury Bills auction provides a structured investment opportunity, allowing institutional investors and smaller participants to contribute to government financing while earning predictable returns.

Investors are urged to adhere to deadlines and bid requirements to ensure participation in this major government financing exercise.