BoU to auction Shs355 billion in Treasury Bills

The Bank of Uganda has announced a Treasury Bill auction worth Shs355 billion, inviting both institutional and individual investors to participate in the short-term government securities offer.

The auction, listed as Issue No. 1227, is being conducted under the Public Finance Management Act 2015 and forms part of government’s domestic borrowing programme.

According to the central bank, the securities will be issued across three tenors. A total of Shs25 billion will be offered in 91-day bills, Shs75 billion in 182-day bills, and Shs255 billion in 364-day bills, with the longer-dated paper taking the largest share of the offer.

The auction is scheduled for Wednesday, April 22, 2026, with bids required to be submitted by 10:00am. Successful bidders will settle on April 23, 2026.

The respective maturity dates are July 23, 2026 for the 91-day bills, October 22, 2026 for the 182-day bills, and April 22, 2027 for the 364-day bills.

All commercial banks are eligible to participate in the auction, although competitive bidding—where investors specify desired yields—is restricted to licensed Primary Dealer banks. These include Absa Bank Uganda, Citibank Uganda, Centenary Bank, DFCU Bank, Equity Bank Uganda, Housing Finance Bank, Stanbic Bank Uganda and Standard Chartered Bank Uganda.

Individual investors can participate through non-competitive bids submitted via commercial banks. The minimum bid for competitive investors is Shs200.1 million, while non-competitive bids start from Shs100,000.

The central bank said all successful bids will be allocated at a uniform price, determined by the lowest accepted price per 100, which corresponds to the highest accepted yield. Non-competitive bids will be accepted in full at the cut-off price, subject to a cap of Shs200 million per maturity.

The Bank of Uganda retains the discretion to adjust the total amount on offer or reject bids either partially or in full.

Treasury Bills remain a key instrument for government to manage short-term financing needs and liquidity, while offering investors a relatively low-risk investment option. The latest auction comes amid continued reliance on the domestic market to finance government operations, with investor appetite expected to be shaped by prevailing interest rates and inflation trends.