The Debt Management Office has disclosed that the Federal Government(FGN) bonds worth N150bn for July which were auctioned on Monday were oversubscribed by 90.74%.

The total subscription received from investors for the bonds was N286.11bn, comprising of N56.41bn for 13.98 per cent FGN February 2028 bonds, N73.44bn for 12.4 per cent FGN March 2036 bonds, and N156.26bn for 12.98 per cent FGN March 2050 bonds. This implies N136.11 billion above the offered amount of N150 billion.

According to DMO: “Successful bids for the 13.98% FGN bond due in February 2028; 12.4% FGN bond due in March 2036 and  12.98% Federal government bond due in March 2050 were allotted at the marginal rates of 12.35 per cent, 13.15 per cent and 13.25 per cent respectively”.

He also went further to say: “However, the original coupon rates of 13.98% for the 13.98% FGN FEB 2028, 12.40% for the 12.40% FGN MAR 2036 and 12.98% for the 12.98% FGN MAR 2050 will be maintained”.