Debt Office to Open FGN Bonds Worth N200bn for Subscription
The Debt Management Office (DMO) has revealed a plan to open N200 billion worth of Federal Government of Nigeria (FGN) bonds for subscription at its monthly primary market auction scheduled for next week.
On behalf of the Federal Government of Nigeria, the authority plans to raise N100 billion from reopened local bonds with 5-year and 7-year maturities apiece.
The Debt Office disclosed in its circular that it will raise N100 billion from its 17.945 FGN AUG 2030 bonds and 17.95% FGN JUNE 2032 on September 29.
The market anticipates spot rates at the auction will decline following the Central Bank’s dovish stance at the latest monetary policy committee meeting.
Meanwhile, the bond market traded on a calm note, with moderate demand observed at the mid- to long-end of the curve—particularly in the short end, the 2027, 2033, and 2053 papers, which were quoted around 16.91%, 16.52%, and 15.88%, respectively. Overall, the average yield closed relatively flat at 16.52%.
FGN Bonds are backed by the full faith and credit of the Federal Government of Nigeria and are charged upon the general assets of Nigeria #Excess Liquidity Worth over N2tn Keeps Market Rates in Check
