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FG moves to auction N150bn bonds in March



Director-General, Debt Management Office, Ms. Patience Oniha

The Debt Management Office (DMO) on Wednesday, March 17, disclosed that the federal government will offer N150bn bonds for subscription in March.

A statement released by the DMO on its website showed that the breakdown of bonds comprised of three bonds worth N50bn each.

The statement read that the are 10-year re-opening bond to be offered at the rate of 16.888 percent and to mature in March 2027; a 15- year re-opening bond to be offered at 12.5 percent and mature in March 2035; and the third and longest bond which is a 25-year-re-opening bond to be offered at 9.8 percent and mature in July 2045.

The DMO explained that the bonds which would be auctioned on March 24 have a settlement date of March 26. The DMO had earlier disclosed that the federal government’s bonds for February worth N150bn were oversubscribed by N39.51bn.

The total subscription received from investors for the bonds was N189.51bn, comprising of N77.05bn for 16.2884 percent FGN March 2027 bonds; N72.33bn for 12.5 percent FGN March 2035 bonds; and N40.13bn for 9.8 percent GFN July 2045 bonds.

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The auction result showed that out of the 78, 53, and 60 total bids for the tenures, 31, 20, and 30 bids were successful. The DMO stated that a total of N80.55bn was allotted comprising of N33.62bn, N28.9bn, and N18.03bn.

The statement read: “Successful bids for the 16.2884 percent FGN March 2027, 12.5 percent FGN March 2035, and 9.8 percent FGN July 2045 were allotted at the marginal rates of 10.25 percent, 11.25 percent, and 11.8 percent respectively.

“However, the original coupon rates of 16.2884 percent for the 16.2884 percent FGN March 2027, 12.5 percent for the 12.5 percent FGN March 2035, and 9.8 percent for the 9.8 percent FGN July 2045 will be maintained.”

Recently, the DMO also declared its readiness to auction FGN bonds to investors at the local debt market on Wednesday, January 20.

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This was contained in a statement released by the DMO, saying that the notes are from the previously issued debt securities and they are the 10-year, 15-year, and 25-year papers.






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