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FGN bond auction oversubscribed

THE Debt Management Office (DMO) monthly auction of Federal Government of Nigeria (FGN) Bonds for September were oversubscribed, the debt office has said.

In a statement, it said three instruments  (5-year, 10-year and 30-year bonds)worth N150 billion, were offered to investors at the auction.

According to the DMO, the “total subscriptions received from competitive bids for the instruments was N160.90 billion. In addition, there were also non-competitive bids of N46.60 billion, taking the total subscription received (competitive and non-competitive) to the sum of N207.50 billion.”

The DMO noted that investors “sentiments remained strong for the longer-dated bonds.” Specifically, the DMO said it received subscriptions from “competitive bids for the 10-year and 30-year bonds were N82.91 and N63.66 billion, compared with the amount offered of N50 billion and N55.00 billion, for the two instruments, respectively.”

Allotments were made to successful bidders at 14.3900 per cent for the 5-year, 14.4300 per cent for the 10-year and 14.6400 per cent for the 30-year bonds.

In addition, the amount allotted to competitive bidders for the three instruments was N100 billion, while the sum of N46.60 billion was allotted to non-competitive bidders. Overall, the total amount allotted at the auction was N146.60 billion.

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