Federal Goverment’s August Bonds Oversubscribed, Says DMO

The bonds were auctioned on Wednesday with a total subscription of N360.02bn received from investors, comprising N77.69bn for 13.98% FGN February 2028 bonds, N104.95bn for 12.40% FGN March 2036 bonds, and N177.38bn for 12.98% FGN March 2050 bonds.

According to the DMO, auction result showed that out of 83, 138 and 186 total bids for the tenures, 54, 126 and 125 were successful.

A total of N260.09bn was allotted, comprising N64.25bn, N91.03bn and N104.81bn respectively.

The DMO stated that, “Successful bids for the 13.980% FGN February 2028, 12.4000% FGN March 2036 and 12.9800% FGN March 2050 were allotted at the marginal rates of 11.6000%, 11.7500% and 12.8000%, respectively.

“However, the original coupon rates of 13.9800% for the 13.9800% FGN February 2028, 12.4000% for the 12.4000% FGN March 2036 and 12.9800% for the 12.9800% FGN March 2050 will be maintained.”

The DMO also stated that the Federal Government’s bonds worth N150bn for July were oversubscribed by N136.11bn, adding that the total subscription received from investors for the bonds was N286.11bn, comprising N56.41bn for 13.98% FGN February 2028 bonds, N73.44bn for 12.4% FGN March 2036 bonds, and N156.26bn for 12.98% FGN March 2050 bonds.