November 2019 FGN Bond Auction Oversubscribed


Friday, November 22, 2019 / 01:49 PM / by DMO / Header Image Credit: Economic Times


The FGN Bond Auction by the Debt Management Office (DMO) which took place on Wednesday, November 20, 2019 was highly oversubscribed.

The DMO offered N150 Billion from three (3) Instruments (5-Year, 10-Year and 30-Year Bonds) for N50 Billion each, to investors at the Auction.

Total subscriptions received through Competitive Bids for the instruments at the Auction was N252.35 Billion, indicating a subscription level of 168.23%. The trend of investors' appetite for the longer tenored instruments continued with subscription of N115.09 billion or 230.18% for the 30-year Bond.

Successful bids were allotted at the rate of 12.0000% for the 5-Year, 12.9300% for the 10-Year and 13.3900% for the 30-Year Bonds. The allotment rates indicate a significant decline from the rates at which the Bonds were issued at the October 2019 FGN Bond Auction.

The total amount allotted for Competitive Bids was N157.93 Billion across the three (3) tenors. In addition, the sum of N95.00 Billion was allotted through Non-Competitive Bids for all the tenors at the same rates as the Competitive Bids.

Overall, the sum of N252.93 Billion was allotted to investors at the Auction through both Competitive and Non-Competitive Bids.

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