Uganda Treasury Auction Calendar Review, FY 2025/26
Uganda Treasury Auction Calendar Review, FY 2025/26
The Bank of Uganda has released its auction schedule for the fiscal year 2025/26, covering both T-Bills (91, 182, 364-day) and T-Bonds (2–25 year maturities).
The calendar outlines dates for auction and settlement, with a consistent rhythm across quarters.
1) T-Bills (Short-Term Securities)
Auctioned weekly, primarily every Wednesday, with settlement on Thursdays.
Rotating tenor focus: 91-day, 182-day, and 364-day bills appear regularly.
Auctions are marked with an "x", indicating a new T-bill issuance each week.
Observation: This confirms BoU’s intention to maintain weekly short-term market activity, essential for cash management and liquidity planning by financial institutions.
2) T-Bonds (Medium to Long-Term Securities)
Auctioned bi-weekly, alternating with T-Bill-only weeks.
Includes re-openings and occasional new bonds introduced throughout the year.
Focus on 3Y, 5Y, 10Y, 15Y, 20Y and now 25Y bonds for longer-term capital market development.
Observation: A 25-year tenor is now part of the issuance strategy, this will likely support longer-term pension and infrastructure investors.
3) Key Bond Auction Trends
4) Takeaways for Investors
Predictable calendar allows for better auction prep, portfolio rotation, and reinvestment planning.
Regular re-openings of key benchmark bonds improve liquidity and depth in the secondary market.
The presence of long-tenor bonds (15Y - 25Y) gives pension funds and long-horizon investors new tools for matching liabilities.
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