Newsletter

Wealth Hub Insights Uganda

A newsletter for investors in Uganda's financial markets. Auction results, rate moves and regulatory news, read for what they mean for your money rather than reported at you.

WeeklyWritten by the Legacy Hills advisory desk6 issues published

Latest · Issue No. 06The Short End Split in Two, and Prices Rose for the Sixth Month RunningTuesday, 6 October 2026 · 17 min readRead this issue

Issues

Every issue, in order

Each letter runs the week's auctions, rates and regulatory news past one question: how much are you being paid to wait, once tax is counted.

Wealth Hub InsightsUgandaWeekly

06Issue No. 06 · October 6th, 2026

Latest issue

The Short End Split in Two, and Prices Rose for the Sixth Month Running

The government came to the market on Wednesday asking for Ugx 990 billion and left with Ugx 1,039 billion, paying 16.925% for twenty-year money in a week when prices are rising faster than at any time in a year and the shilling is near a record low. The question was never whether the government would pay. It was which maturity it would decide to pay for, and it has now answered.

Bonds offered Wednesday: Ugx 990bn
The 20-year sold at: 16.925%
September inflation: 4.6%
Shillings to the dollar: 3,973

STSharon Tumushabe

October 6th, 2026 · 17 min

Read this issue

Wealth Hub InsightsUgandaWeekly

05Issue No. 05 · September 29th, 2026

Issue No. 05

Ten Extra Years Started Paying Again, and NSSF Declared 22.53%

The government took Ugx 1,036 billion of twenty-five-year money against an offer of Ugx 350 billion, and paid 16.25% for it. At the same auction it turned away most of what was bid for its shorter bonds, taking 16% of the two-year offer and 10% of the five-year. The twenty-five-year now nets 14.46% against 13.70% at twenty years, and two days later NSSF declared a record 22.53% to its members. Both need reading carefully before they are acted on. This week brings Treasury bills on Wednesday, alongside Uganda's September inflation figure and America's own.

September 29th, 2026

Wealth Hub InsightsUgandaWeekly

04Issue No. 04 · September 21st, 2026

Issue No. 04

The Shilling at a Two-Year Low, and the Anchor Meets Its Test

The shilling fell to about 3,930 per dollar, its weakest since February 2024, roughly 4.8% in under three weeks and 7.9% since the end of 2025. Bank of Uganda answered by taking shillings out of the system rather than selling dollars: the cash reserve requirement rises from 11% to 13.5% on 24 September, the same day investors must pay for Wednesday's bonds. The Federal Reserve raised its own rate to 3.75–4.00% and 16 of 18 officials expect at least one more. Wednesday's auction will show whether government can still borrow at fifteen.

September 21st, 2026

Wealth Hub InsightsUgandaWeekly

03Issue No. 03 · September 16th, 2026

Issue No. 03

The Ceiling at Fifteen, and the Shilling Gives Way

Government would not pay more than 15.000% and proved it: investors offered Ugx 1.14 trillion for the new 20-year and it took Ugx 105 billion, less than a quarter of what it had advertised. Beyond ten years the curve is now flat, so the extra reward for lending another decade has gone. Meanwhile the shilling fell 2.2% in five days to its weakest level of 2026, Brent rose 8.65% and gold fell, which is the worst pairing there is for Uganda's dollar income.

September 16th, 2026

Wealth Hub InsightsUgandaWeekly

02Issue No. 02 · September 9th, 2026

Issue No. 02

The Rate Now, or the News First

The rates moved the opposite way to our forecast. The 364-day Treasury bill held at 11.001% while the 91-day and 182-day fell about a quarter of a point, not because demand was thin but because Bank of Uganda turned down the expensive short-term bids. On Wednesday it offers Ugx 990 billion across three bonds, two of them new issues priced near par, and seven days later the Federal Reserve decides with the odds of a rise at 60%.

September 9th, 2026

Wealth Hub InsightsUgandaWeekly

01Issue No. 01 · August 31st, 2026

Issue No. 01

Government Sets the Price, Washington Raises the Stakes

Two auctions and one speech shaped Ugandan portfolios this week. The Bank of Uganda reopened three bonds and turned away over half the money offered for them, taking the cheap bids and rejecting the rest. In Washington, a new Federal Reserve chairman put inflation ahead of rate cuts, and traders spent the week repricing the odds of an American rate rise instead.

August 31st, 2026