FG May Bonds Oversubscribed By N365.18bn
The Federal Government’s bonds for the month of May worth N60bn, which were auctioned on Wednesday were oversubscribed by N365.18bn, the Debt Management Office disclosed on its website on Wednesday.
The total subscription received from investors for the bonds was N425.18bn, comprising of N81.89bn for 12.75 per cent FGN April 2023 bonds; N154.10bn for 12.5 per cent FGN March 2035 bonds; and N189.19bn for 12.98 per cent FGN March 2050 bonds.
The auction result added that 76, 61, and 87 successful bids were recorded from 98, 107 and 136 total bids of the three bonds auctioned.
The DMO had auctioned three N20bn bonds each making a total of N60bn for the three offers on Wednesday.
It stated that, “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 9.2000 per cent, 11.7000 per cent and 12.6000 per cent, respectively.
“However, the original coupon rates of 12.7500 per cent for the 12.7500 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 will be maintained.”