The first FGN Bond Auction for 2019 issued on Wednesday, January 30, 2019 has been oversubscribed.
The Debt Management Officece (DMO) issued a statement saying the Office offered three instruments with total value of N150 billion.
Total subscriptions from investors for the bonds the DMO said “was oversubscribed by N197 billion, indicating a subscription level of 131%”
Successful bids were allotted at the rate of 15.20% for the 5-year, 15.25%for the 7-year and 15.35% for the 10-year bonds.
“The rates for the allotments were consistent with the yields in the secondary market” the DMO said.
It was also revealed that “Investor preference was mainly for the 10-year Bond which had a subscription level of 299%.”
In accordance with its policy of keeping the Government’s borrowing costs at prudent levels, “the DMO allotted a total of N116.98 billion to successful bidders”.
