Glossary
- Auction
- How NBE sells new treasury bills: bidders name an amount and a price, and NBE accepts the best-priced bids up to the amount offered.
- Bid cover
- Bids received divided by the amount offered. Above 1× means more was bid for than was on offer.
- Cut-off price
- The lowest price NBE accepted in an auction term, per 100 birr of face value.
- Cut-off yield
- The yield implied by the cut-off price: the highest yield any accepted bidder receives.
- Face value
- The amount repaid at maturity. NBE quotes prices per 100 birr of face value.
- ISIN
- International Securities Identification Number, the 12-character code that identifies a security.
- Last trading day
- The last day a bill can be traded on ESX, normally the day before it matures.
- Listed shares
- The number of a company's shares that ESX reports as listed.
- Listed market value
- Listed shares multiplied by a price. It is not necessarily the whole company's value.
- Maturity
- The date a bill is repaid at face value.
- Primary market
- Where securities are first sold by the issuer, such as an NBE auction.
- Secondary market
- Where existing securities are traded between investors, such as on ESX.
- Tenor
- The time from issue to maturity: 28, 91, 182 or 364 days for Ethiopian treasury bills.
- Treasury bill
- Short-term government debt sold below face value and repaid at face value, with no coupon.
- VWAP
- Volume-weighted average price: the average price of the day's trades, weighted by size. ESX's change figure is based on it.
- Weighted-average yield
- The average yield of all accepted auction bids, weighted by amount.
- Yield
- The return on a bill as an annual percentage of the price paid.
ESX Lab