📢 Uganda T-Bill Auction Preview – April 23, 2025 (Auction No. 1203)
By Impala Market Team
The Bank of Uganda (BoU) is set to raise UGX 355 billion in short-term government securities during its latest Treasury Bill auction this Wednesday, April 23, 2025. This is an opportunity for investors to lock in low-risk returns across 91, 182, and 364 days.
📊 Auction Details:
This is a regular liquidity management operation by BoU and presents an opportunity for investors looking for low-risk, short-term instruments with government backing.
💡 Interested investors: Submit bids through your primary dealer or commercial bank before the deadline.
You can see the BOU Treasury auctions calendar at Impala Market to spot upcoming auctions across tenors.
📈 What to Expect
Based on past auctions (March 19 & April 16), here’s what investors might anticipate:
🔁 Expected Bid-to-Cover Ratios:
💡 Expect strongest demand at 91 and 364 days. The 364-day paper continues to attract large institutions seeking higher yield and duration.
💰 What’s a Competitive Bid?
If you're bidding competitively, here's a general guide based on recent cut-offs and market sentiment:
🔍 The closer you are to the lower end of the range, the higher your chance of success—but you’ll earn slightly less. High bids risk being rejected if oversubscribed.
🧠 Impala Market Take:
Expect tight issuance, especially on the 364-day note.
Watch for yield signals from BoU as an indicator of rate direction.
If you’re holding older T-bills, this auction could influence secondary market pricing and reinvestment strategy.
For first-time bidders, consider starting with a non-competitive bid to guarantee allocation at the average accepted yield.
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