FG June Bond Auction Gets N312.56bn Subscription

The Debt Management Office (DMO) held the Federal Government of Nigeria Bond Auction for August on Monday, August 14, 2023 amidst monetary policy tightening and uncertainties.

Four instruments were offered to investors at the Auction (14.55 percent FGN April 2029, 14.70 per cent June 2033, 15.45 per cent federal government June 2038 and 15.70 per cent FGN June 2053) for N90 billion each.

In spite of current market conditions, the auction received a total subscription of N312.56 billion.

Investors’ appetite for the 15.70 per cent FGN JUN 2053 (30-year Bond) remained strong, with a bid-to-cover ratio of 2.71 times.

The amount allotted to successful bidders for the four instruments was N227.76 billion.

Allotments were made at 13.85 per cent for the 14.55 per cent FGN April 2029, 15.00 per cent for the 14.70 per cent FGN June 2033, 15.20 per cent for the 15.45 per cent FGN June 2038 and 15.85 per cent for the 15.70 per cent FGN June 2053.