Fed Govt’s February Bonds Oversubscribed By N39.51bn – DMO

The Federal Government’s bonds for February worth N150bn which were auctioned on Wednesday were oversubscribed by N39.51bn, the Debt Management Office, said on its website.

The total subscription received from investors for the bonds was N189.51bn, comprising of N77.05bn for 16.2884 per cent FGN March 2027 bonds; N72.33bn for 12.5 per cent FGN March 2035 bonds; and N40.13bn for 9.8 per cent GFN July 2045 bonds.

The auction result added that out of the 78, 53 and 60 total bids for the tenures, 31, 20 and 30 bids were successful.

It stated that a total of N80.55bn was allotted comprising of N33.62bn, N28.9bn and N18.03bn.

The DMO stated, “Successful bids for the 16.2884 per cent FGN March 2027, 12.5 per cent FGN March 2035 and 9.8 per cent FGN July 2045 were allotted at the marginal rates of 10.25 per cent, 11.25 per cent and 11.8 per cent respectively.

“However, the original coupon rates of 16.2884 per cent for the 16.2884 per cent FGN March 2027, 12.5 per cent for the 12.5 per cent FGN March 2035 and 9.8 per cent for the 9.8 per cent FGN July 2045 will be maintained.”

It would be recalled that the Federal Government’s bonds for January worth N150bn were oversubscribed by N88.28bn.

The DMO had stated that the total subscription received from investors for the bonds was N238.28bn, comprising of N91.84bn for 16.2884 per cent FGN March 2027 bonds; N106.37bn for 12.5 per cent FGN March 2035 bonds; and N40.07bn for 9.8 per cent FGN July 2045 bonds.

The auction result added that out of the 125,99 and 77 total bids for the tenures, 73, 44 and 28 bids were successful.

It stated that a total of N122.36bn comprising of N49.4bn, N57.93bn and N15.03bn respectively were allotted.