Overview:

The auction will offer Treasury Bills across three tenors, with the largest allocation going to the 364-day bills, which are aimed at longer-term financing needs. The breakdown of the offering is as follows:

KAMPALA, January 22, 2026 — The Bank of Uganda (BoU) has announced a government Treasury Bill auction worth UGX 355 billion, set for Wednesday, January 28, 2026, as the central bank seeks to manage domestic borrowing under the Public Finance Management Act 2015.

The auction will offer Treasury Bills across three tenors, with the largest allocation going to the 364-day bills, which are aimed at longer-term financing needs. The breakdown of the offering is as follows:

  • 91-day bills: UGX 25 billion, maturing April 30, 2026 (ISIN UG11B300426)
  • 182-day bills: UGX 75 billion, maturing July 30, 2026 (ISIN UG11C300726)
  • 364-day bills: UGX 255 billion, maturing January 28, 2027 (ISIN UG11E280127)

Participation Rules

Primary Dealer Banks (PDs) are the only institutions allowed to submit competitive bids, with a minimum value of UGX 200.1 million per bid. Prices must be quoted to three decimal places. The current list of authorised PDs includes ABSA Bank, Citi Bank, Centenary Bank, DFCU Bank, Equity Bank, Housing Finance Bank, Stanbic Bank, and Standard Chartered Bank.

Retail investors and non-competitive participants can submit bids through any commercial bank, with a minimum investment of UGX 100,000 and a maximum of UGX 200 million per maturity. Non-competitive bids are accepted in full at the auction’s cut-off price.

Auction Timeline and Settlement

All bids must be submitted via the Central Securities Depository (CSD) by 10:00 AM on January 28. Successful bidders are required to settle their accounts on Thursday, January 29, 2026.

The BoU said all successful bids will be allocated at a single price per 100, corresponding to the highest accepted yield. The bank reserves the right to adjust offered amounts or reject applications at its discretion.

Managing Domestic Borrowing

Treasury bills are short- and medium-term instruments through which the government raises funds to cover budgetary needs. By offering different tenors, the BoU balances the government’s cash flow requirements while providing investors with options depending on their liquidity preferences.

“This auction is part of our routine debt management strategy to ensure efficient domestic financing while maintaining stability in the money market,” a BoU official said.

Market analysts say the 364-day bills are likely to attract strong demand due to their higher returns, especially from institutional investors seeking secure, government-backed instruments.

Uganda’s Treasury Bill market remains an important avenue for both banks and individual investors to park funds while earning a fixed return. Recent auctions have attracted competitive bids, reflecting strong investor confidence in government securities.

Key Details for Investors

  • Auction Date: January 28, 2026
  • Bid Deadline: 10:00 AM, January 28, 2026
  • Settlement Date: January 29, 2026
  • Minimum competitive bid: UGX 200.1 million (PDs)
  • Minimum non-competitive bid: UGX 100,000 (retail)
  • Maximum non-competitive bid: UGX 200 million

Investors are encouraged to submit bids through authorised channels and ensure timely settlement to avoid disqualification.