July: FGN Bonds Hit 45% Oversubscription, Attract N1.74trn

BY CHIKA OKEKE, Abuja

The Federal Government of Nigeria, FGN, bond auctioned in July 2026 was oversubscribed by 45 percent, approximately N540 billion, thereby attracting a subscription rate of N1.74 trillion as against the N1.2 trillion offered by the Debt Management Office, DMO.

This was an indication of strong demand by investors for the FGN debt instruments.

A result released by the DMO on Tuesday containing the July FGN Bond Auction, revealed that investors submitted bids worth N1.74 trillion for bonds valued at N1.2 trillion, while total allotments declined by 23.8 percent to N929.32 billion in July, from N1.22 trillion allotted in June.

In the report, three instruments were offered during the auction namely: the 22.6 percent FGN JAN 2035, the 16.25 percent FGN APRIL 2037, and the 15.45 percent FGN JUN 2038 bonds, with N400 billion prescribed for each instrument.

It indicated that investors exhibited high interest in the APRIL 2037 bond, even as it attracted N665.19 billion in bids from 122 successful applicants. The bulk of the allotments was also set aside for the bond, totaling N381.46 billion.

However, the JAN 2035 bond attracted N245.73 billion in subscriptions, while the JUN 2038 bond received N302.13 billion.

In addition, clearing yields for the bonds were listed as: JAN 2035, 18.34 percent; APRIL 2037, 18.35 percent; and JUN 2038, 18.40 percent.

During the auction, the bonds were priced within the following ranges of 16 percent to 22.6 percent for the JAN 2035 bond, 16 percent to 19.58 percent for the APRIL 2037 bond, and 17 percent to 20.45 percent for the JUN 2038 bond.

The excellent turnover reflects increasing desire among investors for the Federal Government debt instrument and high-performance indices compared to the previous months.

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