The Debt Management Office (DMO) held the FGN Bond Auction for August on Monday, August 14, 2023 amidst monetary policy tightening and uncertainties. Four (4) instruments were offered to investors at the Auction (14.55% FGN APR 2029, 14.70% FGN JUN 2033, 15.45% FGN JUN 2038 and 15.70% FGN JUN 2053) for N90 billion each.

In spite of current market conditions, the Auction received a total subscription of ₦312.56 billion. Investors’ appetite for the 15.70% FGN JUN 2053 (30-year Bond) remained strong, with a bid-to-cover ratio of 2.71 times.

The amount allotted to successful bidders for the four (4) instruments was N227.76 billion. Allotments were made at 13.85% for the 14.55% FGN APR 2029, 15.00% for the 14.70% FGN JUN 2033, 15.20% for the 15.45% FGN JUN 2038 and 15.85% for the 15.70% FGN JUN 2053.