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September FG Bond Auction Oversubscribed

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The Federal Government of Nigeria Bond Auction for September 2018 was oversubscribed, as was the case for the August 2018 Auction, the debt office has said.
The September Bond was conducted by the Debt Management Office (DMO) on Wednesday, September 26, 2018.
According to a statement by the debt office on Wednesday, total subscriptions received from bidders for three Bonds offered: 5-year, 7-year and 10-year was in excess of N158.00 billion, against the N90 billion offered.

“Demand at the Auction was concentrated on the 10-year bond which was 313% subscribed,” the DMO said.
Allotments were made to successful bidders at 15.00% for the 5-year, 15.15% for the 7-year and 15.2459% for the 10-year Bond, which are consistent with the rates in the secondary market for the Bonds offered at the Auction.
A total of N96.74 billion was allotted to bidders at the Auction and the proceeds will provide additional financing for the implementation of the 2018 Appropriation Act.

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