FG raises N312.5bn from bond

The Debt Management Office says investors subscribed N312.56bn for the N350bn bond subscription it recently announced.

The DMO in a statement yesterday said four 4 instruments were offered to investors at the Auction (14.55percent FGN APR 2029, 14.70percent FGN JUN 2033, 15.45percent FGN JUN 2038 and 15.70percent FGN JUN 2053) for N90 billion each. 

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FG raises N312.5bn from bond

“In spite of current market conditions, the Auction received a total subscription of N312.56bn. Investors’ appetite for the 15.70percent FGN JUN 2053 (30-year Bond) remained strong, with a bid-to-cover ratio of 2.71 times.”

It added that the amount allotted to successful bidders for the four instruments was N227.7bn. “Allotments were made at 13.85percent for the 14.55 percent FGN APR 2029, 15.00 percent for the 14.70 percent FGN JUN 2033, 15.20percent for the 15.45 percent FGN JUN 2038 and 15.85 percent for the 15.70 percent FGN JUN 2053.”