Investors Oversubscribed for FGN Bonds

• Investors Oversubscribed for FGN Bonds

Investors oversubscribed for the FGN bond auctioned on Wednesday by N102.35 billion, according to the Debt Management Office (DMO).

According to the DMO, a total amount of N150 billion bonds were offered for three instruments, 5-year, 10-year and 30-year bonds, to investors on Wednesday. N50 billion offered for each tenor.

Investors’ total bids stood at N252.35 billion across the three instruments, representing a subscription of 168.23 percent.

The longer tenor instrument, 30-year bond, received a subscription of N115.09 billion or 230.18 percent, the highest of the three instruments.

Successful investors were offered 5-year bond at 12 percent, 10-year bond at 12.9300 percent and 30-year bond 13.3900 percent.

The rates were lower than the October rates for the same FGN bond.

A total of amount of N157.93 billion was offered across the three tenors.