By Etuka Sunday
The Debt Management Office (DMO) yesterday disclosed that the Federal Government’s N90billion September bond, which was offered in three tenors of five years, seven years and ten years was oversubscribed.
DMO said, FGN Bond Auction for September 2018, which was conducted by the Office on Wednesday, September 26, 2018 was oversubscribed, as was the case for the August 2018 Auction.
It said, the total subscriptions received from bidders for three Bonds offered: 5-year, 7-year and 10-year was in excess of N158.00 billion, against the N90 billion offered.
The Office in a statement said, demand at the Auction was concentrated on the 10-year bond which was 313% subscribed.
According to the statement, allotments were made to successful bidders at 15.00% for the 5-year, 15.15% for the 7-year and 15.2459% for the 10-year Bond, which are consistent with the rates in the secondary market for the Bonds offered at the Auction.
It said, a total of N96.74 billion was allotted to bidders at the Auction and the proceeds will provide additional financing for the implementation of the 2018 Appropriation Act.