 has announced that investors submitted bids worth ₦1.74 trillion at its July 2026 bond auction.){kind=link}
FGN Bonds Attract ₦1.74trn Demand
The Debt Management Office (DMO) has announced that investors submitted bids worth ₦1.74 trillion at its July 2026 bond auction, with ₦929.32 billion allotted across three Federal Government of Nigeria (FGN) bonds.
The auction, held on July 20, 2026, reopened the 22.60% FGN January 2035, 16.2499% FGN April 2037, and 15.45% FGN June 2038 bonds, with settlement scheduled for July 22.
Although the DMO initially offered ₦1.2 trillion, it allotted about 77.4% of the amount following strong investor demand.
According to the circular, investors submitted 556 bids, with 308 accepted. The January 2035 bond attracted ₦555.47 billion in subscriptions, with ₦245.73 billion allotted at a marginal rate of 18.34%.
The April 2037 bond recorded the highest demand, with ₦665.19 billion subscribed and ₦381.46 billion allotted at 18.35%.
The June 2038 bond received ₦518 billion in bids, with ₦302.13 billion allotted, including a ₦50 billion non-competitive allotment, at 18.40%.
The DMO clarified that while allotments were made at marginal rates, the original coupon rates of 22.60%, 16.2499%, and 15.45% would remain unchanged.
The office said the auction reflected continued investor confidence in government securities, noting that demand exceeded the amount offered by more than ₦540 billion.
The July auction follows a similar exercise in June, when the DMO raised ₦1.2 trillion through bond reopenings, underscoring the role of FGN bonds as Nigeria’s benchmark fixed-income instruments backed by the full faith and credit of the Federal Government.