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FG’s January Bonds Over-subscribed By N175bn –DMO

Oluwasina Phillip

The Federal Government’s bonds for January worth N150bn, which were auctioned on January 19, were oversubscribed by N175.24bn, the Debt Management Office has said.

The DMO said the total subscription received from investors was N325.24bn.

It said a subscription of N11.19bn was received for the 12.50 per cent FGN January 2026 bonds and N214.05bn for the 13 per cent FGN January 2042 bonds, which recorded the highest subscription.

The debt office said a total of N170.64bn was allotted, comprising N81.72bn and N88.92bn.

It said, “Successful bids for the 12.50 per cent FGN January 2026 and 13 per cent FGN January 2042 were allotted at the Marginal Rates of 11.50 per cent and 13 per cent, respectively.

“However, the original coupon rates of 12.5000 per cent for the 12.5000 per cent FGN January 2026 will be maintained, while the coupon rate for the 13 per cent FGN January 2042 (New Issue) is set at 13 per cent.”

The DMO had earlier released its bond issuance calendar for the first quarter of 2022, which the auction dates being January 19, February 16, and March 23.

The Federal Government planned to acquire about N480bn in new debt capital from the domestic capital market in Q1 2022, according to its bond issuance calendar.

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