Investors oversubscribed Nigeria’s bond by 204% – DMO
The Debt Management Office has said that the bond auction which it conducted on behalf of the federal government on Wednesday was oversubscribed by 204 percent.
The bond auction was the third in the series of bonds conducted for the year to raise funds for the implementation of the 2018 Budget.
The Bonds were offered in three tenors – 5, 7 and 10 years, to meet the needs of the various investor categories.
“The Auction was oversubscribed, just like the January and February Auctions,” the DMO stated in a statement.
“Total subscription at the March Auction was N142.81 billion, representing 204% of the amount offered.”
The DMO further explained that the subscription rates for the 5, 7 and 10 year Bonds were 189 percent, 84 percent and 329 percent respectively, showing the preference of investors for the 10-year Bond.
It added that based on the bids received, a total of N64.06 billion was allotted at the rates of 13.40 percent for the 5-year; 13.53 percent for the 7-year and 13.60 percent for the 10-year Bond.
ONYINYE NWACHUKWU, ABUJA
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