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Erudite AfricaCenter of Excellence

← Erudite Africa Center of ExcellenceCapital MarketSchool of Investment BankingAdvanced

Debt Capital Markets (DCM)

Price, structure, rate and place Ethiopian bonds, from T-bills to green bonds and sukuk, with lessons from the 2014 Eurobond

An advanced course on how governments, banks and companies raise money through bonds in Ethiopia, following one fictional bank from its first T-bill bid to a listed five-year ETB 2 billion green bond.

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What you will be able to do

  • Describe the Ethiopian debt market, its issuers, investors, instruments and institutions
  • Price T-bills and coupon bonds, measure duration and build a Birr yield curve from auction data
  • Explain the bond issuance process, key offering terms and ECMA registration requirements
  • Structure and price a corporate or bank bond, including Tier 2 and rating considerations
  • Design green, social, sustainability and sukuk issues aligned with international principles
  • Advise on liability management and debt restructuring, drawing on Ethiopia's Eurobond experience
For
Investment banking, treasury and corporate finance staff, ECMA and Ministry of Finance staff, DCM associates, treasurers and debt managers. Prerequisite: Level 1 of topic 2.c (fixed income and money markets) or equivalent experience.
Study time
About 6 hours online, in 5 modules (40 hours in the classroom version)
Each module
Short lessons, animated visuals, Ethiopian examples, decisions to make, the laws and directives that apply and worked calculations, then a quiz
Assessment
A 20-question final exam; pass mark 70%
Certificate
Erudite Africa Center of Excellence certificate of completion
Access
Module 1 free for registered users; the full course, exam and certificate for subscribers

The 5 modules

  1. Module 01Free previewThe debt market and Ethiopian government securitiesMap who borrows and who lends in Ethiopia's debt market, and see how T-bill auctions, government bonds and NBE operations set the benchmark every other issuer prices against.6 lessons · 65 min · quiz
  2. Module 02Bond features, documentation and the issuance processRead and negotiate the key terms of a bond offering and run an Ethiopian issue from mandate through ECMA registration, marketing, settlement and ESX listing.6 lessons · 65 min · quiz
  3. Module 03Price, yield, the yield curve and the Eurobond storyPrice T-bills and coupon bonds, measure interest rate risk with duration, build a Birr yield curve from auction data and read Ethiopia's 2014 Eurobond as a case in pricing and default.6 lessons · 70 min · quiz
  4. Module 04Structuring, pricing and rating a bank bondStructure Bank A's five-year ETB 2 billion bond: use of proceeds, fixed or floating coupon, senior or Tier 2, a price built from the T-bill curve, a credit rating and a book-building plan.6 lessons · 70 min · quiz
  5. Module 05Green bonds, sukuk, sovereign restructuring and the capstoneAlign a green bond with the ICMA principles, design sukuk for interest-free investors, understand debt sustainability and the Common Framework, and present Bank A's final term sheet.6 lessons · 70 min · quiz
  6. Officer simulationA bond deal cycle as DCM associate at Bank A CapitalWork as debt capital markets associate: 11 real-life items, decisions with consequences and a hand-over note. Pass with 70% to qualify for the certificate.
  7. Final examFinal exam and certificate20 applied questions across all 5 modules. Pass with 70% to download your certificate.

Built on

  • Erudite Africa training module: Ethiopian Context, topic 3.f Debt Capital Markets, Levels 1 and 2 (October 2026)
  • Capital Market Proclamation No. 1248/2021; ECMA Directive No. 996/2024 (fees); ECMA public offer directive (reported as No. 1030/2024); ESX Rulebook (December 2024)
  • National Bank of Ethiopia Proclamation No. 1359/2025; NBE Directives SBB/95/2025, SBB/87/2024, SBB/72/2019, SBB/98/2025, FXD/01/2024 as amended by FXD/04/2026, NBE/INT/13/2026; MPC release No. 7 (July 2026)
  • Ministry of Finance, Public Sector Debt Statistical Bulletin No. 56 (February 2026)
  • ICMA Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines; G20 Common Framework for Debt Treatments
  • Commercial Code of 2021 (reported as Proclamation No. 1243/2021)

Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.