April 2020 FGN Bond Auction Oversubscribed


Monday, April 27, 2020 / 11:10 AM / by DMO / Header Image Credit: Steve Jonson/ Pixabay


The Debt Management Office (DMO) conducted the FGN Bond Auction for April 2020 on Wednesday, April 22, 2020. As has been the trend this year, the Auction was oversubscribed.

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The DMO offered N60.00 billion Bonds across three (3) tenors to investors at the Auction - N20.00 billion each for the 5-Year, 15-Year and 30-Year tenors. The total subscriptions received through competitive bids for the 3 instruments was N275.67 billion, indicating an overall subscription level of 459%.

Demand was very strong for all the instruments offered at the Auction. A breakdown of the subscriptions shows that the sum of N49.70 billion or 248.50% was received for the 5-year Bond; N107.47 billion or 537.35% for the 15-year Bond and N118.50 billion or 592.25% for the 30-year Bond.

Successful bids were allotted at the rate of 9.00% for the 5-Year, 12.00% for the 15-Year and 12.50% for the 30-Year Bond, all of which are lower than the rates at the March 2020 FGN Bond Auction.

The total amount allotted for competitive bids was N156.06 billion across the 3 tenors, while the sum of N20.00 Billion was allotted through non-competitive bids for the 5-year and 15-year tenors, which brought the total amount allotted from competitive and non-competitive bids to N176.06 billion.

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