April 2020 FGN Bond Auction oversubscribed -DMO

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The Debt Management Office (DMO) said, it conducted the FGN Bond Auction for April 2020 on Wednesday, April 22, 2020 and as has been the trend this year, the Auction was oversubscribed.

The Office said, it offered N60.00 billion Bonds across three (3) tenors to investors at the Auction – N20.00 billion each for the 5-Year, 15-Year and 30-Year tenors.

It said, the total subscriptions received through competitive bids for the 3 instruments was N275.67 billion, indicating an overall subscription level of 459%.

DMO said, demand was very strong for all the instruments offered at the Auction. A breakdown of the subscriptions shows that the sum of N49.70 billion or 248.50% was received for the 5-year Bond; N107.47 billion or 537.35% for the 15-year Bond and N118.50 billion or 592.25% for the 30-year Bond.

It said, successful bids were allotted at the rate of 9.00% for the 5-Year, 12.00% for the 15-Year and 12.50% for the 30-Year Bond, all of which are lower than the rates at the March 2020 FGN Bond Auction.

It said, the total amount allotted for competitive bids was N156.06 billion across the 3 tenors, while the sum of N20.00 Billion was allotted through non-competitive bids for the 5-year and 15-year tenors, which brought the total amount allotted from competitive and non-competitive bids to N176.06 billion.

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