DMO allotted N39. 52bn FGN bond

The Debt Management Office (DMO) on Wednesday sold N39.52 billion Federal Government bond at the November edition of the monthly auction.

Three Bonds in tenors of 5 years, 7 years and 10 years were offered at the Auction.

Allotments were made to the successful bidders at 15.20 per cent for the 5-year, 15.50 per cent for the 7-year and 15.83 per cent for the 10-year Bond.

The Office said that although subscription levels were higher than the amount allotted, it was unwilling to accept higher rates from subscribers in order to moderate debt service cost and maintain market stability as the rates at which each of the Bonds were allotted were close to their Secondary market Yields.