At the FGN Bonds Auction, for November 2018 whose results has just been released, the Debt Management Office (DMO) sold N39.52 billion. Three Bonds in tenors of 5 years, 7 years and 10 years were offered at the Auction.
A statement from the DMO said allotments were made to the successful bidders at 15.20% for the 5-year, 15.50% for the 7-year and 15.83% for the 10-year Bond.
Although subscription levels were higher than the amount allotted, it was observed that the DMO was unwilling to accept higher rates from subscribers in order to moderate debt service cost and maintain market stability as the rates at which each of the Bonds were allotted were close to their Secondary market Yields.
