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HomeNewsWorldFG To Raise N60bn Through Bond Auction

FG To Raise N60bn Through Bond Auction

The Debt Management Office (DMO) on behalf of the federal government is set to raise N60 billion through the FGN savings bond issuance.

The debt office is also reopening the FGN bond market next week, having raised N50 billion from a bond auction held last month.

The debt office in the bond auction notice released yesterday said it plans to raise N20 billion each from the 12.75% FGN APR 2023 5-year paper, 12.5% FGN MAR 2035 15-year paper and 12.98 % FGN APR 2050 30-year paper at the auction scheduled for next Wednesday.

Last month, the DMO had raked in N50 billion from auction, from the tree bond in addition to N20 billion realized from non-competitive bids from two of the bonds.

Also, the March 2020 bond auction also met the N50 billion expectation, although the short-term bond did underperforming.

As against the N15 billion, it planned to raise from the 5-year paper, the debt office had realized only N5 billion from the seven successful bids which had been at a 10 percent marginal rate. Investors also put in N10 billion in the bond through the non-competitive bids.

For the 15 and 30-year bonds, the DMO had allotted N20 billion and N25 billion in spite of the N69.01 billion and N91.8 billion subscription offered for the two bonds respectively.

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