FG’s January bonds oversubscribed by N88.28bn

FG’s January bonds oversubscribed by N88.28bn

The Federal Government’s bonds for January worth N150 billion which were auctioned on Wednesday were oversubscribed by N88.28 billion, the Debt Management Office disclosed on its website.

The total subscription received from investors for the bonds was N238.28 billion, comprising of N91.84 billion for 16.29 per cent FGN March 2027 bonds; N106.37 billion for 12.5 per cent FGN March 2035 bonds; and N40.07 billion 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 N122.36 billion was allotted comprising of N49.4 billion, N57.93 billion and N15.03 billion respectively for the tenors.

The DMO stated, “Successful bids for the 16.2884 per cent FGN MAR 2027, 12.5 per cent FGN MAR 2035 & 9.8 per cent FGN JUL 2045 were allotted at the marginal rates of 7.98 per cent, 8.74 per cent and 8.95 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.”