The Debt Management Office (DMO) said the FGN Bond auction for August 2018 it conducted was oversubscribed by investors.

During the exercise that precisely took place on Wednesday, the debt office, on behalf of the Nigerian government, offered bonds worth N90 billion to market players.

These government’s debt instruments were offered in three tenors; five years, seven years and 10 years, and they were oversubscribed.

A statement issued by the debt office said the total subscriptions received from bidders at the auction were above N100 billion.

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Allotments were made to successful bidders at 14.39 per cent for the five-year, 14.60 per cent for the 7-year and 14.69 per cent for the 10-year bond, which are consistent with the rates in the secondary market for the bonds offered at the exercise.

“A total of N100.09 billion was allotted to competitive and non-competitive bidders at the auction,” DMO said in the statement.

It stated further that proceeds from the exercise “will provide additional financing for the implementation of the 2018 Appropriation Act.”

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