The Debt Management Office has reported that there was an over-subscription of the N150bn bonds auctioned o Tuesday by the Federal Government to the tune of N136.11bn.
According to the NIPC, quoting the Punch, “The total subscription received from investors for the bonds was N286.11bn, comprising …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.
The auction result showed that out of 57, 119 and 156 total bids for the tenures, 19, 77 and 59 were successful.”
The publication went ahead to quote the DMO as saying Successful bids for the 13.98 per cent FGN February 2028, 12.4 per cent FGN March 2036 & 12.98 per cent FGN March 2050 were allotted at the marginal rates of 12.35 per cent, 13.15 per cent and 13.25 per cent respectively.
“However, the original coupon rates of 13.98 per cent for the 13.98 per cent FGN February 2028, 12.4 per cent for the 12.4 per cent FGN March 2036 and 12.98 per cent for the 12.98 per cent FGN March 2050 will be maintained.”
According to the DMO, the settlement date for the auctioned bonds was yesterday, July 23, 2021.
There was also an over-subscription in June by N267.48bn of the auctioned FG’s bonds worth N150bn.
Azuka Edokobi is a Writer and Entrepreneur