Uganda Treasury bills · auction of 20 May 2021
Uganda T-bill auction, 20 May 2021: 364-day at 10.70%, down 70 bps
At the Treasury bill auction dated 20 May 2021, the Bank of Uganda cleared the 91-day bill at 7.00% (up 8 basis points), the 182-day bill at 9.50% (down 25 basis points) and the 364-day bill at 10.70% (down 70 basis points). The rate shown is the money-market yield at the cut-off price.
Demand was strong: bids totalled UGX 521.1bn against UGX 245.0bn on offer, 213% of the amount sought, and UGX 245.0bn was accepted.
At 10.70%, the 364-day rate is the lowest in the 23 auctions of the past year.
A year earlier the 364-day bill cleared at 12.50%, so the government is paying 180 basis points less than twelve months ago.
What this means for UGX 10,000,000
Worked from the published rate · information, not advice
UGX 1,070,000 in 12 months on the 364-day bill
Put UGX 10,000,000 into the 364-day bill at this auction and you get back UGX 11,070,000 after 12 months: UGX 1,070,000 in interest before any withholding tax, about UGX 89,167 a month.
That is UGX 70,000 less than the same money would have earned at the previous auction.
For shorter money: UGX 475,050 on the 182-day bill (6 months), UGX 175,075 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is Uganda’s government not paying, and the money is locked until then.
Kwa Kiswahili
Ukiweka UGX 10,000,000 kwenye hati ya siku 364 kwa riba ya mnada huu, utarudishiwa UGX 11,070,000 baada ya miezi 12: riba ya UGX 1,070,000 kabla ya kodi yoyote ya zuio, yaani takriban UGX 89,167 kwa mwezi.
Hiyo ni UGX 70,000 pungufu ya kiasi ambacho pesa hiyo hiyo ingepata kwenye mnada uliopita.
Serikali hulipa yote mwishoni mwa muda; hatari ni serikali kushindwa kulipa, na pesa haipatikani hadi muda uishe.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 7.003% | 6.920% | UGX 15.00bn | UGX 36.75bn | UGX 15.00bn |
| 182-day | 9.501% | 9.749% | UGX 35.00bn | UGX 80.57bn | UGX 35.00bn |
| 364-day | 10.700% | 11.400% | UGX 195.00bn | UGX 403.79bn | UGX 195.00bn |
Source: Bank of Uganda result · money-market yield at the cut-off price
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Afronomics (2026). Uganda Treasury bill auction, 20 May 2021, compiled from the Bank of Uganda. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/uganda/2021-05-20
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