N406bn Treasury Bills Sold in July, Says DMO

The Debt Management Office sold treasury bills valued at N406.10bn across its auctions in July 2023.

This represented a 0.39 per cent (N1.59bn) month-on-month increase in the value of T-bills sold across its auctions in June which stood at 404.51bn.

This was revealed in the FMDQ Exchange financial markets monthly report for July, which was released on Wednesday.

Similarly, the DMO reopened two 10-year, one 15-year and one 30-year FGN bonds worth N657.84bn in July 2023. The total sale represented a 182.73 per cent oversubscription of the amount offered, and a 39.03 per cent (N184.68bn) month-on-month increase on the amount sold in June 2023 (N473.16bn) for the same FGN Bond maturities.

The Central Bank of Nigeria did not conduct any public OMO bills auctions within the period under review.

The average FGN bond coupon rates in July 2023 dipped across 10-year, 15-year and 30-year segments to 13.05 per cent, 14.10 per cent and 14.30 per cent respectively.

It was also reported that there were no corporate bonds listed on FMDQ Exchange in July 2023 compared to N17.50bn worth of corporate bonds listed in June 2023.

As a result, the total outstanding value for corporate bonds remained unchanged at N1.76tn in the month under review.