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Investors bet N3.36trn on FG bonds in 12 months

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FGN Savings Bonds
DG, DMO, Patience Oniha

Investors committed about N3.36 trillion to Federal Government bonds between January and December 2021, according to an analysis of the FGN Bond Auction results available on the website of the Debt Management Office (DMO).

Bond oversubscriptions hit N1.61 trillion within the period under review, indicating the investors’ strong appetite for FGN bonds despite staggering rates across various tenors.

An analysis of the breakdown for each month showed that Federal Government bonds for January worth N150 billion were oversubscribed by N88.28 billion.

The total subscription received from investors for the bonds was N238.28 billion, comprising N91.84 billion for the 16.2884 per cent FGN March 2027 bonds; N106.37 billion for the 12.5 per cent FGN March 2035 bonds; and N40.07 billion for the 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 allotted.

The FGN bonds for February worth N150 billion were also oversubscribed by N39.51 billion.

The total subscription received from investors for the bonds was N189.51 billion, comprising N77.05 billion for the  16.2884 per cent FGN March 2027 bonds; N72.33 billion for the 12.5 per cent FGN March 2035 bonds; and N40.13 billion for the 9.8 per cent GFN July 2045 bonds.

The auction result added that out of the 78, 53 and 60 total bids for the tenures, 31, 20 and 30 bids were successful.

The Federal Government bonds for March worth N150 billion were equally oversubscribed by N183.48 billion.

The total subscription received from investors for the bonds was N333.48 billion comprising N65.25 billion for the 16.2884 per cent FGN March 2027 bonds; N110.19 billion for the 12.5 per cent FGN March 2035 bonds; and N158.04 billion for the 9.8 per cent FGN July 2045 bonds.

The auction result added that out of 82, 125 and 215 total bids submitted for the tenures, 48, 88 and 176 were successful.

The Federal Government bonds for April worth N150 billion were oversubscribed by N115.66 billion. The total subscription received from the investors for the bonds was N265.66 billion, with the shortest tenor undersubscribed.

The Federal Governments bonds for May worth N150 were oversubscribed by N131.97 billion. The total subscription received from the investors for the bonds was N281.97 billion.

The Federal Government’s bonds for June worth N150 billion were oversubscribed by N267.48 billion. The total subscription received from the investors for the bonds was N417.48 billion.

The Federal Government bonds worth N150 billion for July were oversubscribed by N136.11 billion.

The Federal Government bonds worth N150 billion for August were oversubscribed by N210.02 billion.

The Federal Government bonds worth N150 billion for September were oversubscribed by N184.32 billion.

The Federal Government bonds worth N150 billion for October were oversubscribed by N100.71 billion.

The Federal Government bonds worth N150 billion for November were oversubscribed by N117.15 billion.

Only two bonds were offered to investors in December, unlike previous months. The Federal Government bonds worth N100 billion for December were oversubscribed by N32.61 billion.

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