September Bonds Oversubscribed By N184bn, Says DMO

Federal Government’s bonds worth N150bn for September, which were auctioned on Wednesday, were oversubscribed by N184.32bn, the Debt Management Office has said.

The total subscription received from investors for the bonds was N334.32bn, comprising N52.43bn for 13.98 per cent FGN February 2028 bonds, N125.58bn for 12.40 per cent FGN March 2036 bonds, and N156.31bn for 12.98 per cent FGN March 2050 bonds.

The auction result showed that out of 65, 144 and 121 total bids for the tenures, 48, 127 and 95 were successful.

A total of N277.05bn was allotted, comprising N42.37bn, N115.85bn and N118.83bn respectively.

The DMO said, “Successful bids for the 13.980 per cent FGN February 2028, 12.4 per cent FGN March 2036 and 12.98 per cent FGN March 2050 were allotted at the marginal rates of 11.6per cent, 12.75000 per cent and 13per cent respectively.

“However, the original coupon rates of 13.98 per cent for the 13.98 per cent FGN February 2028, 12.4000 per cent for the 12.4 per cent FGN March 2036 and 12.98 per cent for the 12.98 per cent FGN March 2050 will be maintained.”

It said that the bonds for auction on September 22, 2021, had a settlement date of September 24, 2021.

The debt office had earlier disclosed that the Federal Government’s bonds worth N150bn for August were oversubscribed by N210.02bn.

The total subscription received from investors for the bonds was N360.02bn, comprising N77.69bn for 13.98 per cent FGN February 2028 bonds, N104.95bn for 12.40 per cent FGN March 2036 bonds, and N177.38bn for 12.98 per cent FGN March 2050 bonds.