DMO says April Bond Auction Oversubscribed by 459%

The Debt Management Office (DMO) has said that the FGN Bond Auction conducted for April 2020, was oversubscribed by 459 percent.
In a statement in Abuja, the DMO offered N60.00 billion Bonds across three (3) tenors to investors at the Auction – N20.00 billion each for the 5-Year, 15-Year and 30-Year tenors.
The statement also said the total subscriptions received through competitive bids for the 3 instruments was N275.67 billion, indicating an overall subscription level of 459%  pointing out that demand was very strong for all the instruments offered at the Auction.
A breakdown shows that the sum of N49.70 billion or 248.50% was received for the 5-year Bond; N107.47 billion or 537.35% for the 15-year Bond and N118.50 billion or 592.25% for the 30-year Bond.
It further disclosed that successful bids were allotted at the rate of 9.00% for the 5-Year, 12.00% for the 15-Year and 12.50% for the 30-Year Bond, all of which are lower than the rates at the March 2020 FGN Bond Auction.
“The total amount allotted for competitive bids was N156.06 billion across the 3 tenors, while the sum of N20.00 Billion was allotted through non-competitive bids for the 5-year and 15-year tenors, which brought the total amount allotted from competitive and non-competitive bids to N176.06 billion”.