Nigeria’s Debt Management Office (DMO) said subscribers staked more than N100 billion at the August 2018 FGN bonds auction conducted Wednesday.
According to the debt office, although it offered N90 billion bonds as part funds to be raised in financing the country’s 2018 budget, investors oversubscribed the offer by more than N10 billion.
“The FGN Bond auction for August 2018, which was conducted by the DMO on Wednesday at which N90 billion bonds were offered in three tenors – five years, seven years and 10 years – was oversubscribed.
“The total subscriptions received from bidders at the auction were above N100 billion. Allotments were made to successful bidders at 14.39 percent for the five-year, 14.6 percent for the seven-year and 14.69 percent for the 10-year bond, which are consistent with the rates in the secondary market for the bonds offered at the auction.
“A total of N100.09 billion was allotted to competitive and non-competitive bidders at the auction and the proceeds will provide additional financing for the implementation of the 2018 Appropriation Act,” the DMO said in a statement.
The DMO had on Tuesday announced that it had already raised N410 billion for the financing of the 2018 budget through the domestic debt market.
With the latest announcement, the office has now raised more than N500 billion for the 2018 budget through the local debt market.