The Federal Government Bond Auction this month attracted a total subscription of N312. 56 billion, according to the result released by the Debt Management Office (DMO).
“In spite of current market conditions, the Auction received a total subscription of N312.56 billion”, the Office said in its post-auction statement on Monday evening.
The DMO held the FGN Bond Auction for August amidst monetary policy tightening and uncertainties.
Four (4) instruments were offered to investors at the Auction (14.55% FGN APR 2029, 14.70% FGN JUN 2033, 15.45% FGN JUN 2038 and 15.70% FGN JUN 2053) for N90 billion each.
The DMO revealed that investors’ appetite for the 15.70% FGN JUN 2053 (30-year Bond) remained strong, with a bid-to-cover ratio of 2.71 times.
The amount allotted to successful bidders for the four (4) instruments stood at N227.76 billion.
“Allotments were made at 13.85% for the 14.55% FGN APR 2029, 15.00% for the 14.70% FGN JUN 2033, 15.20% for the 15.45% FGN JUN 2038 and 15.85% for the 15.70% FGN JUN 2053”, the agency stated.