Deep reads of every auction, periodic market reviews, and in-depth pieces on what's changing in Ethiopia's Treasury Bill market.
This archive explains what happened in Ethiopia's Treasury Bill auctions, including changes in yields, demand, supply and allocation across the 28-, 91-, 182- and 364-day tenors.
The final auction of EFY 2018: the government held its one-year tilt, the 364-day cleared at perfect cover, and cut-offs fell to multi-year lows across the curve.
After a year of structured quarterly T-Bill issuance calendars and expanded domestic financing, Ethiopia's market is waiting for the Ministry of Finance to publish the next auction schedule for the new fiscal year.
The government roughly doubled its offer to ETB 32.94 billion, pointed the extra supply at the 364-day, and still cut its cost as demand stayed ahead of supply across the curve.
A deep supply cut met the strongest demand of the cycle: the government offered barely a third of its plan, the one-year recovered, and cut-offs fell at every tenor.
The 1,003rd auction drew strong demand across the curve, but the one-year cut-off spiked to 19.00% even as the short end eased — a single break in a falling-yield trend.
A short note after each auction, plus the periodic reviews when they publish.