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Erudite AfricaCenter of Excellence
← Debt Capital Markets (DCM)

The debt market and Ethiopian government securities

Module 01 / 5 · 65 min · Free preview

Map 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.

In this module you will learn to

  • Describe the issuers, investors and instruments of the Ethiopian debt market and the roles of the Ministry of Finance, NBE, ECMA and ESX
  • Explain how a multiple-price T-bill auction works and compute the cut-off yield, allotment and weighted average yield
  • Explain the 2019 move to market pricing, the phase-out of NBE direct advances and what Proclamation No. 1359/2025 now allows
  • Read the public debt position and the T-bill market as the starting point for pricing any Birr bond

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.