Impala Market Trading Strategy Playbook: Uganda, Week Ending 14 June 2025

For the Week Starting 16 June 2025

For Premium Subscribers Only

Market Recap - What Happened Last Week?

• On 11 June 2025, the Bank of Uganda reopened 2Y, 5Y, and 15Y benchmark bonds.

  • Cut-off Yields:

    • 2Y (2026): 15.75%

    • 5Y (2029): 16.75%

    • 15Y (2039): 17.795%

• Total uptake: UGX 1.09 trillion on UGX 990B offered.

• Post-auction gains:

  • 2039 rallied from 96.50 to ~98.00 (YTM ~17.45%)

  • 2043 traded up to 91.50, yields compressing toward 18.05%

• Barbell strategies (2Y + 2043) outperformed.

• Liquidity narrowed midweek; spreads widened on the long-end.