ESX LabHow to read an NBE auction result
Each NBE results table has one column per term and the same rows every time.
- Amount offered
- How much NBE set out to sell in that term, in millions of birr.
- Bids received
- The total amount bidders asked for. More bids than the amount offered means demand exceeded supply.
- Total amount accepted
- How much was actually sold. It can be less than the amount offered when bids are short or priced too low.
- Cut-off price and yield
- The lowest price NBE accepted, per 100 birr of face value, and the yield it implies: the highest yield any accepted bidder receives.
- Weighted-average price and yield
- The average of all accepted bids, weighted by amount. This is the figure this site charts.
From price to yield
NBE's published yields match a simple annual rate on a 365-day year: (100 ÷ price − 1) × 365 ÷ days, to within rounding.
For example, in auction 1012/2026 the 364-day bill's weighted-average price was 92.958 per 100: (100 ÷ 92.958 − 1) × 365 ÷ 364 = 7.596%, against a published yield of 7.597%.
Checked against NBE's published figures; NBE's own rules govern the official calculation. Try the calculator.