Investors Subscription for N177 FGN’s July Bonds Stood at N470.13 Billion

Investors oversubscribed for the Federal Government bonds offered for the month of July by N293.13 billion, according to the Debt Management Office report released on Wednesday.

The total bonds on offer on Wednesday 22, 2020 was N177 billion but the total subscription received stood at N470.13 billion.

Further breakdown of DMO report revealed that investors oversubscribed for the 12.50 percent FGN Bond with January 22, 2026 maturity date by N46.97 billion as a total subscription of N71.97 billion was received while the amount allotted was N25 billion.

Similarly, investors subscription for 12.50 percent FGN Bond with March 27, 2035 maturity date was N18.32 billion while N42 billion was on offer.

For the 9.80 percent FGN Bond with July 24, 2045 maturity date, investors’ subscription was N130.27 billion while FG auctioned N75 billion.

Investors subscription for 12.98 percent FGN Bond with March 27, 2050 maturity date stood at N207.57 billion. However, FG only auctioned N35 billion.

The DMO stated that “successful bids for the 12.5000 percent FGN JAN 2026, 12.5000 percent FGN MAR 2035, 9.80 percent FGN JUL 2045 and 12.9800 percent FGN MAR 2050 were allotted at the Marginal Rates of 6.0000 percent, 9.5000 percent, 9.8 percent and 9.95 percent, respectively.

“However, the original coupon rates of 12.50 percent for the 12.50 percent FGN JAN 2026, 12.50 percent for the 12.50 percent FGN MAR 2035 and 12.98 percent for the 12.98 percent FGN MAR 2050 will be maintained, while the coupon rate for the 9.8 percent FGN JUL 2045 is set at 9.8 percent.” See the details below.