FG April Bonds Oversubscribed By N215.67bn

The Federal Government’s bonds for the month of April worth N60bn offered on Wednesday were over oversubscribed by N215.67bn, the Debt Management Office disclosed on its website.

The total subscription received from investors for the bonds was N275.67bn, comprising N49.7bn for 12.75 per cent FGN April 2023 bonds; N107.47bn for 12.5000 per cent FGN March 2035 bonds; and N118.5bn for 12.9800 per cent FGN March 2050 bonds.

The auction result showed that the total bids were 50, 65 and 85, while the successful bids were 26, 29 and 32 for the three bonds allotted.

Successful bids for the 12.7500 per cent FGN APR 2023, 12.5000 per cent FGN MAR 2035, and 12.9800 per cent FGN MAR 2050 were allotted at the marginal rates of 9.0000 per cent, 12.0000 per cent and 12.5000 per cent respectively.

However, it added that the original coupon rates of 12.75 per cent for the 12.75 per cent FGN APR 2023, 12.5000 per cent for the 12.5000 per cent FGN MAR 2035 and 12.9800 per cent for the 12.9800 per cent FGN MAR 2050 would be maintained.

The DMO had earlier shown the bonds to be offered as a N20bn five-year reopening bond that would mature in April 2023 and offered at 12.75 per cent; a N20bn 15-year reopening bond that would mature in March 2035 and offered at 12.50 per cent.

There was another N20bn 30-year reopening bond that would mature in April 2050 and offered at 12.98 per cent.