September 2018 FGN Bond Auction Oversubscribed

Proshare

Thursday, September 27, 2018 08:30 AM / DMO 

The FGN Bond Auction for September 2018, which was conducted by the Debt Management Office (DMO) on Wednesday, September 26, 2018 was oversubscribed, as was the case for the August 2018 Auction. 

Total subscriptions received from bidders for three Bonds offered: 5-year, 7-year and 10-year was in excess of N158.00 billion, against the N90 billion offered. 

Demand at the Auction was concentrated on the 10- year bond which was 313% subscribed. Allotments were made to successful bidders at 15.00% for the 5-year, 15.15% for the 7-year and 15.2459% for the 10-year Bond, which are consistent with the rates in the secondary market for the Bonds offered at the Auction. 

A total of N96.74 billion was allotted to bidders at the Auction and the proceeds will provide additional financing for the implementation of the 2018 Appropriation Act.

 


Proshare Nigeria Pvt. Ltd.


Related News

1.       DMO Gets Robust Auction Demand, Raises More than the N90bn Offered at 1.64X Bid to Cover

2.      Funding Rates Spike As CBN Reverses Paris Club Credits

3.      Bond Market OpensFlat, as Market Players Await Auction

4.      Buying Interest Pressures Rates Lower as Average Rate Declines 1.6% WoW

5.      Overnight Rate Falls to 4.75% as Money Market Rate Decrease Last Week

6.      Bond Yields Compress Further on Renewed Local Demand

7.      Resurgent Interests in EM Bolsters Nigerian Eurobonds to 6-Week High

8.     Market players Oversubscribe 1yr PMA Bill by c.250%

9.      Bond Yields Weaken Following Renewed Local Supply on the Long End

10.  Average T-Bills Rate Rose 184bps WoW Amidst Buoyant System Liquidity

11.   Bond Yields Moderate Further Amid Tighter Supply

12.  Average T-bills Yield Rose Significantly by 208bps to Close the Week at 14.43%

 

READ MORE:
Related News
SCROLL TO TOP