The trend of over-subscription at FGN Bond Auctions for the year continued at the February 2019 Auction conducted by the Debt Management Office (DMO) on Wednesday, February 20, 2019.
Three instruments, for 5, 7 and 10-year tenors, with a total value of N150 billion were offered but total bids received from investors for the bonds exceeded N234 billion, with a total subscription level of 156%.
According to the DMO in a press release issued after the auction, “the focus of investors was principally on the 10-year bond which had a subscription level of 392%.”
“Successful bids were allotted at rates notably lower than those at the January 2019 Auction, with 14.52% for the 5-year, 14.7999% for the 7-year and 14.939% for the 10-year bond.
“The DMO allotted the full N150 billion offered to successful bidders across the 3 tenors.”
