Nigeria Business & Finance Updates

FG’s October bonds oversubscribed by N105bn

The Federal Government’s bonds for the month of October worth N150bn, which were auctioned on Wednesday, were oversubscribed by N105.99bn, the Debt Management Office disclosed this on its website.

The total subscription received from investors for the bonds was N255.99bn, comprising N63.67bn for 12.75 per cent FGN April 2023 bonds; N119.78bn for 14.55 per cent FGN April 2029 bonds; and N72.54bn for 14.80 per cent FGN April 2049 bonds.

The auction result added that 13, 43 and 61 bids were successful for the three bonds allotted.

The DMO had earlier disclosed in a circular on the October bonds that it would auction a N50bn five-year reopening bond that would mature in April 2023 and be offered at 12.75 per cent; and N50bn 10-year reopening bond that would mature in April 2029 and be auctioned at 14.55 per cent.

It stated that the N50bn 30-year reopening bond expected to mature in April 2049 would be auctioned at 14.8 per cent.

According to the DMO, the settlement date for the auction bonds would be October 25

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