By Modupe Gbadeyanka
On Wednesday, October 25, 2017, the Debt Management Office (DMO) raised a total of N121.3 billion from the bond market.
This was N21.3 billion more than the debt office had wanted to raise from the exercise, N100 billion.
Data released by the DMO after the auction revealed that the five and 10-year debt notes were sold at a flat rate of 15 percent.
Business Post gathered that the 5-year paper, which matures on July 15, 2021, was allotted N3 billion at 15 percent, while the 10-year note was sold for N97 billion at 15 percent also.
Before the exercise, the debt office, on behalf of the Federal Government had wanted to raise N50 billion from the 5-year bond and N50 billion also from the 10-year paper.
The DMO, at the market, allotted N21.13 billion of the 16.2884 percent FGN MAR 2027 (10-year bond) on non-competitive basis.
The amount raised from the exercise is expected to help with the budget deficit.
According to reports, Federal Government expects a budget deficit of about N2.36 trillion in 2017, with over half of it to be funded through local borrowing, as it tries to stimulate an economy battered by lower oil prices.
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