At the FGN Bonds Auction, for November 2018 whose results has just been released, the Debt Management Office (DMO) sold N39.52 billion. Three bonds in tenors of 5 years, 7years and 10 years were offered at the Auction.
Allotments were made to the successful bidders at 15.20 per cent for the 5-year, 15.50 per cent for the 7-year and 15.83 per cent for the 10-year bond.
Although subscription levels were higher than the amount allotted, it was observed that the DMO was unwilling to accept higher rates from subscribers in order to moderate debt service cost and maintain market stability as the rates at which each of the bonds were allotted were close to their secondary market yields.
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