Overview:
The auction, held on Wednesday 3 December 2025 under Auction No. 1219, offered a total of UGX 25 billion across 91-, 182- and 364-day tenors. Investors tendered a combined UGX 473.2 billion, nearly 19 times the amount on offer, underscoring strong liquidity in the money market.
Kampala, 3 December 2025 — Uganda’s latest Treasury Bills auction recorded robust investor interest across all maturities, with the 364-day paper attracting particularly heavy bidding, according to results released by the Bank of Uganda.
The auction, held on Wednesday 3 December 2025 under Auction No. 1219, offered a total of UGX 25 billion across 91-, 182- and 364-day tenors. Investors tendered a combined UGX 473.2 billion, nearly 19 times the amount on offer, underscoring strong liquidity in the money market.
The 364-day maturity continued to dominate the market, drawing UGX 255 billion in bids, of which UGX 342.51 billion was competitive. The central bank accepted UGX 345.3 billion across the maturity, signalling high appetite and competitive pricing from investors.
The 182-day tenor also performed strongly, receiving UGX 86.41 billion in bids against an offer of UGX 25 billion, while the 91-day paper attracted UGX 48.94 billion.
Cut-off prices were announced at 97.331 for the 91-day and 93.737 for the 182-day bills. The 91-day instrument cleared at an annualised discount rate of 10.705%, with a money market yield of 10.999% and an effective annual yield of 11.461%.
Bid-to-cover ratios remained high across all papers, reaching 3.575 for the 91-day, 3.368 for the 182-day, and 1.370 for the 364-day tenor—reflecting investor confidence in government securities as a safe short-term investment.
Successful bids were settled on Thursday 4 December 2025, through the Central Securities Depository.
The Bank of Uganda continues to use Treasury Bill auctions as a key tool for managing liquidity in the financial system and supporting the government’s short-term financing requirements.