DMO raises N269.2bn at 14%interest rate

The Debt Management Office (DMO) raised a sum of N269.15 billion from its November 2022 FGN Savings Bond issuance on behalf of the Federal Government, as subscriptions hit 152.9 per cent.

This is according to information in the November 2022 FGN bond auction result, released by the Debt Management Office.

The debt instrument for November, which was issued across three tranches, saw a total subscription of N344.01 billion as against the initial offer of N225 billion, representing a subscription rate of 152.9 per cent.

The 10-year 14.55 per cent FGN Apr 2029 bond, recorded a total subscription of N39.45 billion as against an offer to raise N75 billion. However, N25.126 billion was raised at a marginal rate of 14.75 per cent.

The second tranche, which is also a 10-year bond, but with a maturity year of 2032, attracted a sum of N34.818 billion and 44 bids, which is lower than the initial offer of N75 billion. A sum of N27.118 billion was however allotted at a marginal rate of 15.2 per cent.

The 20-year tenor bond recorded a massive subscription rate of 359.6 per cent, having attracted a total subscription of N269.73 billion, a huge difference from the initial offer of N75 billion.

The marginal rate for the bond was stated at 16.2 per cent, while it recorded 131 successful bids.