By Dipo Olowookere On Wednesday, March 25, 2020, the Nigerian government issued its debut 15-year bond to investors at the local debt market and the notes were oversubscribed. Business Post reports that N15 billion worth of the papers were taken to the market by the Debt Management Office (DMO), which conducted the exercise. However, when the bids were analysed, traders staked N69.01 billion on the maturity, indicating a subscription level of 460 percent. According to the debt office, there were a total of 61 bids only only 18 were successful with N20 billion allotted to subscribers out of which N10 billion were for non-competitive. The interest rate for the tenor, which matures March 27, 2035, was 12.50 percent, according to results of the exercise seen by Business Post. The 15-year bond was not the only offered for sale yesterday as the debt instruments were auctioned across three different tenors. The DMO also auctioned the notes in 5-year maturity and 30-year tenor. For the short-dated paper, the debt office offered N15 billion, while it offered N30 billion for the long-dated bond, amounting to a total of N50 billion. According to summary of the exercise, market participants staked N21.07 billion on the 5-year bond and put N91.18 billion on the 30-year instrument. For the allotment, the debt office sold N25 billion worth of the 30-year instrument at 12.98 percent, while the 5-year was sold at 10.00 percent.