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FG records over-subscription of February savings bond

The Federal Government has announced that its monthly bond auction for the month of February, 2020 was oversubscribed. In a document published on its website…

The Federal Government has announced that its monthly bond auction for the month of February, 2020 was oversubscribed.

In a document published on its website on Wednesday, the Debt Management Office (DMO) said it offered N140 billion from three instruments including five-year, 10-year and 30-year bonds to investors at the auction.

It also said total subscriptions received through Competitive bids for the three instruments at the auction was N398.20 billion, which indicated a total subscription level of 284.43%, while for Non-Competitive bid for the sum of N60 billion was also received, making the total subscriptions from Competitive and Non-competitive bid to the sum of N458.20 billion.

“Successful bids were allotted at the rate of 8.7500% for the 5-Year, 10.7000% for the 10-Year and 12.15% for the 30-Year Bond, which indicate a decline from the allotment rates of 9.8500%, 11.1250% and 12.5600% for the 5-Year, 10-Year and 30-Year Bonds, respectively, at the January 2020 FGN Bond Auction”.

“The total amount allotted for Competitive Bids was N100.00 billion across the three (3) tenors, while a total sum of N60.00 billion was allotted through Non-Competitive Bid for the 5-year and 10-year tenors, at same rates with the Competitive Bids, which made the total allotment from Competitive and Non-Competitive bids to be N160.00 billion” the statement said.

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