Total Subscription For August 2019 FGN Bond Auction Put At N64.71bn

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Monday, August 26, 2019    / 08:35AM / By DMO  / Header Image Credit: Money Crashers


 

At the August 2019 FGN Bond Auction held on Wednesday, August 21, 2019, the Debt Management Office (DMO) issued N59.53 billion FGN Bonds for the three (3) Tenors offered to various investors who subscribed at the Auction.

The DMO offered N40 billion for the 5-year, N50 billion for the 10-year and N55 billion for the 30-year Bonds. Total subscriptions received from both Competitive and Non-Competitive bids amounted to N139.58 billion.

Demand for the 30-year Bond remained strong as has been the trend since the instrument was introduced to the market in April 2019. The total subscription for the Bond at the Auction was N64.71 billion.

The strong demand from investors for the FGN Bonds offered at the Auction was in spite of the prevailing tight liquidity experienced in the financial markets.

Allotments were made to successful bidders at the rate of 14.290% for the 5-year, 14.390% for the 10-year and 14.590% for the 30-year Bonds.



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