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Uganda Central Bank Requests Investors to Transfer April bonds.

Leah WakarimabyLeah Wakarima
February 1, 2023
in Uganda
Reading Time: 2 mins read
Uganda

The Bank of Uganda (BoU) has invited investors holding Treasury bonds that mature in April to convert their holdings into longer-dated bonds with maturities ranging from May 2025 to August 2042.

The bank did not give reasons for the bond switching in which investors are free to choose whether to participate or not.

Uganda has been struggling with a rising public debt pile. In December, the bank said the surging costs of servicing the country’s public debt were putting undue pressure on public finances.

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The apex bank said investors holding the bonds maturing in April, which have a coupon rate of 11%, can now apply to convert their holdings to the various longer-dated tenures with coupon rates ranging between 14% to 18.5%.

The new tenure options that investors can switch to include three-year, five-year, ten-year, fifteen-year and twenty-year bonds, the bank said in a statement.

Auctions for the bond switch will be held on Feb. 6 and Feb. 8, according to the central bank.

Read also; Uganda’s Central Bank Hikes Lending Rates to 9%.


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