August 2018 FGN bond auction oversubscribed

Elizabeth Christopher, Abuja

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The FGN Bond Auction for August 2018, which was conducted by the Debt Management Office (DMO) on Wednesday, August 15, 2018, at which N90 billion Bonds were offered in three tenors – 5 years, 7 years and 10 years – was oversubscribed.

The total subscriptions received from bidders at the Auction were above N100 billion.

Allotments were made to successful bidders at 14.39% for the 5-year, 14.60% for the 7-year and 14.69% for the 10-year Bond, which are consistent with the rates in the secondary market for the Bonds offered at the Auction.

A total of N100.09 billion was allotted to competitive and non-competitive bidders at the Auction and the proceeds will provide additional financing for the implementation of the 2018 Appropriation Act.

Omolayo.A