THE FGN Bond Auction for August 2018, which was conducted by the Debt Management Office (DMO) on Wednesday at which N90 billion bonds were offered in three tenure – five years, seven years and 10 years – was oversubscribed.
According to a statement from the Debt Management Office (DMO), total subscriptions received from bidders at the auction were above N100 billion.
“Allotments were made to successful bidders at 14.39% for the 5-year, 14.60% for the 7-year and 14.69% for the 10-year Bond, which are consistent with the rates in the secondary market for the bonds offered at the auction.
“A total of N100.09 billion was allotted to competitive and non-competitive bidders at the auction and the proceeds will provide additional financing for the implementation of the 2018 Appropriation Act.
With the N100 billion, the Federal Government has now secured N510 billion of the N849 billion scheduled to be borrowed locally to finance the 2018 budget.
A total of N1.8 trillion deficit in the N9.12 trillion budget would be financed with local and international debts in addition to accruals from envisaged sales of national assets.
Director general of DMO, Ms Patience Oniha said in Tuesday that her agency had already got N410 billion before Wednesday’s auction.
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