At the first FGN Bond Auction for 2019 on Wednesday, January 30, 2019, the Debt Management Office (DMO) offered 3 instruments with total value of N150 billion. Total subscriptions from investors for the bonds was over 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. 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.