The summary of FGN Bond auction for the month of February 2021 published by the Debt Management Office (DMO) revealed that the February Bond valued at N150 billion was oversubscribed by 26.34%.
The total subscription received from investors for the bonds was N189.51 billion as against the total offered amount of N150 billion; and that translates to N39.51 billion oversubscription.
Subscription by investors comprise of N77.05 billion for 16.2884% bond that will mature in March 2027; N72.33 billion for 12.5% bond that will mature in March 2035; and N40.13bn for 9.8% bond that will mature in July 2045.
According to DMO, “Successful bids for the 16.2884% FGN MAR 2027, 12.5% FGN MAR 2035 & 9.8% FGN JUL 2045 were allotted at the Marginal Rates of 10.25%, 11.25% and 11.8%, respectively.
“However, the original coupon rates of 16.2884% for the 16.2884% FGN MAR 2027, 12.5% for the 12.5% FGN MAR 2035 and 9.8% for the 9.8% FGN JUL 2045 will be maintained”.