FG issues N59.53 Billion in August Bond Auction

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T he Debt Management Office (DMO) issued N59.53 billion FGN Bonds for the three (3) Tenors offered to various investors who subscribed. This was at the August 2019 FGN Bond Auction held on Wednesday, August 21, 2019. This was contained in a press release on Wednesday.

According to the press release, the DMO offered N40 billion for the 5-year, N50 billion for the 10-year and N55 billion for the 30-year Bonds. Total subscriptions received from both Competitive and Non-Competitive bids amounted to N139.58 billion.

Demand for the 30-year Bond remained strong as has been the trend since the instrument was introduced to the market in April 2019. The total subscription for the Bond at the Auction was N64.71 billion.

DMO stated in the press release that the strong demand from investors for the FGN Bonds offered at the Auction was in spite of the prevailing tight liquidity experienced in the financial markets.

Allotments were made to successful bidders at the rate of 14.290% for the 5-year, 14.390% for the 10-year and 14.590% for the 30-year Bonds the press release concluded.

Nigerian Debt to GDP

Note that External Debt in Nigeria increased to USD25.61 Billion in the first quarter of 2019 from USD25.27 Billion in the fourth quarter of 2018. Total Domestic Debt increased to USD55.67Billion from USD54.162 Billion in the fourth quarter of 2018. Nigerian total Public Debt currently stands at USD81.274 Billion as at March 31 2019 from 79.436 Billion in the fourth quarter of 2018.

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