To participate in Ethiopian Treasury Bill auctions, individual investors first open a brokerage account with a licensed intermediary. Once the account is active, the investor can follow the auction process: review the announcement, select a tenor, decide the amount and bid rate, deposit the required amount, submit the bid instruction, and receive the face value at maturity if the bid is accepted.
Review the auction announcement
Start by checking the latest auction notice. Look for:
Choose your tenor
Select the maturity period that matches your investment goal. Common T-Bill tenors include:
Shorter tenors may offer more flexibility, while longer tenors may offer different return opportunities depending on market conditions.
Decide how much to invest
Decide the amount you want to place in the auction. T-Bills are based on face value: you receive the full face value at maturity, while the amount you pay today may be lower because T-Bills are sold at a discount.
Decide your bid rate or price
Your bid shows the return or price level you are willing to accept.
May increase return expectations, but may also reduce your chance of being accepted.
May improve your chance of allocation, but may result in a lower return.
Submit your bid through your intermediary
Your licensed intermediary submits your bid into the auction process. Make sure you submit the accurate:
Be mindful of the submission deadline communicated by your intermediary — it typically falls a day before the auction date.
Wait for auction results
After the auction closes, results are announced or published, and your intermediary will inform you whether your bid was successful. The results usually show accepted rates, prices, allocation details, and other market indicators.
Complete settlement
If your bid is successful, payment and settlement are completed according to the auction timeline.
Hold until maturity
Once settled, you hold the T-Bill until maturity unless early-exit options are available. At maturity, you receive the full face value of the T-Bill in your account.
Understanding auction announcements
Treasury Bill auctions begin with an official auction announcement. This notice contains the key details investors need before deciding whether to participate. Learning how to read an auction announcement helps you understand what is being offered, when bids are due, and how the process will work.