DMO: Investor demand drives FGN bond allotment to N1.22trn

By Chinwendu Obienyi
Investor appetite for Federal Government of Nigeria (FGN) securities remained relatively strong at the latest bond auction conducted by the Debt Management Office (DMO), despite a further rise in borrowing costs as stop rates moved above the 18 per cent mark.
At the auction, the DMO reopened the January 2035 and April 2037 FGN bonds, offering a combined N1.20 trillion to investors. Total subscriptions reached N1.41 trillion, representing a bid-to-offer ratio of 1.2 times, as market participants continued to show interest in government debt instruments amid prevailing yield levels.
Following the strong demand, the debt office allotted N1.22 trillion across the ...