The Debt Management Office on Wednesday disclosed that it had raised additional N96.74 billion to sustain the funding of the 2018 budget.
A statement issued by the Office indicated that the funds were raised through issuance of the FGN bonds which were issued for three different tenors and were oversubscribed by more than N60bn in the primary debt market.
The DMO clarified: “The FGN Bond auction for September 2018, which was conducted by the DMO on Wednesday, September 26, was oversubscribed, as was the case for the August auction.
“Total subscriptions received from bidders for the three bonds offered: five-year, seven-year and 10-year were in excess of N158bn, against the N90bn offered. Demand at the auction was concentrated on the 10-year bond, which was 313 percent subscribed.
“Allotments were made to successful bidders at 15 per cent for the five-year; 15.15 per cent for the seven-year; and 15.25 per cent for the 10-year bond, which are consistent with the rates in the secondary market for the bonds offered at the auction.”
The nation’s debt management office hinted further that a total of N96.74 billion was allotted to bidders at the auction and the proceeds would provide additional financing for the implementation of this year’s budget.
