By Modupe Gbadeyanka
The bond exercise carried out on Wednesday, September 27, 2017, by the Debt Management Office (DMO) was largely successful, data obtained by Business Post from the debt office has revealed.
The DMO had offered N135 billion for sale to investors, but it eventually raised N243.78 billion from the exercise, almost doubling it.
However, it was observed that both local funds and foreign investors piled into longer tenors to lock in yields.
Specifically, the DMO allotted N76.93 billion to the N50 billion 16.2884 percent FGN MAR 2027 notes at 15.9000 percent, while the N50 billion 16.2499 percent FGN APR 2037 paper got N131.59 billion at 15.9200 percent.
In addition, the N30 billion 14.50 percent FGN JUL 2021 notes were eventually sold at N35.26 billion at 15.9899 percent after receiving subscription of N50.28 billion from investors.
Business Post observed that the DMO received a total of N394.85 billion subscription from investors from the N135 billion bond auctioning yesterday.
Dipo Olowookere 
Adedapo Adesanya