ga('send', 'pageview');

Investors Oversubscribe August 2018 FGN Bond Auction

By Dipo Olowookere

The Debt Management Office (DMO) said the FGN Bond auction for August 2018 it conducted on Wednesday was oversubscribed by investors.

During the exercise that precisely took place on Wednesday, August 15, 2018, the debt office, on behalf of the Nigerian government, offered bonds worth N90 billion to market players.

ALSO READ  Investors Oversubscribe FG’s $1b Eurobond

These government’s debt instruments were offered in three tenors; 5 years, 7 years and 10 years, and they were oversubscribed.

A statement issued by the debt office said 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 5-year, 14.60 percent for the

ALSO READ  FGN Bond Prices Rise Across the Maturities

7-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 exercise.

“A total of N100.09 billion was allotted to competitive and non-competitive bidders at the auction,” DMO said in the statement.

It stated further that proceeds from the exercise “will provide additional financing for the implementation of the 2018 Appropriation Act.”

ALSO READ  Edo Sets up Panel to Harmonize Revenue Collection

Related Articles

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

more recommended stories

%d bloggers like this: