Habex Market Signals: Weekly Intelligence Briefing
Private banks are racing onto the ESX main board while Ethiopia’s macro stabilization efforts secure a major Eurobond restructuring win.
The momentum on the Ethiopian Securities Exchange (ESX) is hitting top gear as private banks rush to secure their spots on the main board, and macro stabilization efforts pull multi-billion dollar wins from global creditors.
1. The IPO & Listing Tracker
The main board has officially grown to five listed companies with a major private banking player ringing the bell this week.
Abay Bank S.C. (Ticker: ABAYB) listed on June 25, debuting 100% of its ordinary shares, 9,657,286 shares at a par value of ETB 1,000 each, on the ESX Main Board. Abay enters the market as one of the elite private banks, ranking 7th in total assets and deposits as of late 2025. This gives thousands of existing shareholders immediate secondary-market liquidity.
The upstream regulatory pipeline is moving quickly. ECMA approved Addis Bank on June 29 to register 5 million existing shares. Bunna Bank S.C. was formally registered by ECMA on June 24, alongside approvals for a new share issuance, making a formal ESX listing announcement likely soon.
Current ESX Main Board Landscape
Ethio Telecom entered through a state-owned IPO. Awash Bank S.C., Wegagen Bank S.C., Gadaa Bank, and Abay Bank S.C. entered through private sector listings.
2. Macro & Market Trends
The under-the-hood mechanics of Ethiopia’s capital reforms are locking into place, decreasing overall systemic risk for retail investors.
On June 29, the Ministry of Finance struck a preliminary deal to restructure its defaulted $1 billion international bond. The agreement swaps old debt for an $880 million bond paying 6.15% interest through 2029 and handles $99.4 million in missed coupons. This removes a major sovereign credit overhang that has suppressed local market valuations.
The National Bank of Ethiopia completed FX Auction No. 24 on June 24, clearing at 157 Birr/USD. Commercial demand is easing, signaling that the aggressive currency floating reforms of the past year are beginning to hit equilibrium.
The Interbank Money Market, which allows banks to trade liquidity among themselves on the ESX platform, has passed ETB 3 trillion in cumulative transaction volumes.
Habex Retail Investor Takeaway
The rush of banks, including Awash, Wegagen, Gadaa, Abay, and soon Bunna and Addis, to list 100% of their share registries on the ESX main board suggests the informal over-the-counter market for bank shares is fading. By moving to the ESX through the Neway trading app ecosystem, early bank investors gain transparent pricing, while new retail buyers can avoid the historic opacity of buying bank shares directly from promoters. Watch upcoming non-financial listings closely, since they are the ones eligible for the recently announced government tax incentives.