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🌎 Macro Setup
Secondary market turnover eased to UGX 564B, down from 863B the previous week, but breadth remained strong.
No BoU auctions took place; next bond auction is scheduled for 14 May 2025 (3Y, 10Y, 15Y re-openings).
Yield curve held steep: long bonds still priced attractively above 17.5% YTM, while mid-tenor rates tightened slightly.