FGN Bonds record 4% oversubscription in March auction

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By Elizabeth Adegbesan

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The Federal Government of Nigeria (FGN) bond auction in March 2026 saw strong investor demand, recording a 4.28% oversubscription, the Debt Management Office (DMO) disclosed yesterday.

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Investors bid N931.5 billion for bonds worth N750 billion, though total allotments fell 7.4% to N485.49 billion, down from N524.28 billion in February.

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Three instruments were offered during the auction: 17.945% FGN AUG 2030 (5-year reopening) – N250 billion offered;

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17.95% FGN JUN 2032 (7-year reopening) – N200 billion offered; 19.89% FGN MAY 2033 (9-year reopening) – N300 billion offered.

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Investor interest was strongest for the 9-year MAY 2033 bond, which attracted N462.21 billion in bids from 154 successful applicants. The bulk of allotments also went to this bond, totaling N332.71 billion. The AUG 2030 bond received N88.79 billion, while the JUN 2032 bond got N63.99 billion. 

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Clearing yields for the bonds were as follows: AUG 2030: 16%, JUN 2032: 16.15%, and MAY 2033: 16.64%.

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During the auction, the bonds were priced within these ranges: AUG 2030: 14.8% – 17%; JUN 2032: 15% – 17.95%; MAY 2033: 14% – 19.89%. The results reflect growing appetite among investors for Nigerian government debt, even as allotments tightened compared with previous months.

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