The Federal Government’s bonds worth N150bn for July which were auctioned on Tuesday were oversubscribed by N136.11bn, the Debt Management Office has said.
The total subscription received from investors for the bonds was N286.11bn, comprising of N56.41bn for 13.98 per cent FGN February 2028 bonds, N73.44bn for 12.4 per cent FGN March 2036 bonds, and N156.26bn for 12.98 per cent FGN March 2050 bonds.
The auction result showed that out of 57, 119 and 156 total bids for the tenures, 19, 77 and 59 were successful.
A total of N138.07bn was allotted, comprising of N31.71bn, N51.16bn and N55.2bn respectively.
The DMO said, “Successful bids for the 13.98 per cent FGN February 2028, 12.4 per cent FGN March 2036 & 12.98 per cent FGN March 2050 were allotted at the marginal rates of 12.35 per cent, 13.15 per cent and 13.25 per cent respectively.
“However, the original coupon rates of 13.98 per cent for the 13.98 per cent FGN February 2028, 12.4 per cent for the 12.4 per cent FGN March 2036 and 12.98 per cent for the 12.98 per cent FGN March 2050 will be maintained.”
The DMO said the bonds for auction on July 19, 2021 had a settlement date of July 23, 2021.
The total subscriptions received from investors for the June bonds was N417.48bn, comprising N66.21bn for 16.2884 per cent FGN March 2027 bonds; N127.45bn for 12.5 per cent FGN March 2035 bonds; and N223.82bn for 12.98 per cent FGN March 2050 bonds.