New Telegraph

Investors Defy Headwinds, Stake N312.56bn In FG’ Bond

In spite of the prevailing frailty of the economy, investors’ appetite for the Federal Government’s bond auction remains high, with August’s bond auction attracting a total subscription of N312.56 billion.

A DMO statement posted on its website confirmed the bond auction held on Monday amidst monetary policy tightening and uncertainties.

The Debt agency disclosed that four 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 instruments was N227.76 billion”, DMO disclosed in a statement.

Allotments were made at 13.85% for the 14.55% FGN APR 2029, 15.00% for the14.70% FGN JUN 2033, 15.20% for the 15.45% FGN JUN 2038 and 15.85% for the 15.70%FGN JUN 2053.

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