Nigeria’s Debt Management Office (DMO) has unveiled about N4 trillion FGN Bond auction plan for the third quarter of this year covering three auction dates, namely July 20, August 17, and September 14, 2026.
The just released DMO’s Q3 2026 FGN Bond Issuance Calendar covered the re-openings of three existing instruments and there is no new bond series listed on the calendar, indicating the Office’s plan to consolidate liquidity around existing benchmarks with a clear preference for medium and long-dated instruments during the quarter in review.
In the Calendar, which is marked provisional and subject to change at short notice, the DMO disclosed that the July 20 auction would offer three bonds, namely the 22.60% FGN JAN 2035, the 16.2499% FGN APR 2037, and the 15.45% FGN JUN 2038.
According to the document, each bond will be reopened, with amounts ranging from N400 billion to N600 billion per instrument.
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Specifically, the 22.60% FGN JAN 2035 will carry a term-to-maturity of 8 years and 6 months at that auction. It carries an amount between N500 billion and N600 billion, while the 16.2499% FGN APR 2037 will have 10 years and 9 months left to maturity and carries an amount between N400 billion and N500 billion; and the 15.45% FGN JUN 2038 will run for 11 years and 11 months at that point.
On August 17, the calendar will drop the April 2037 paper, retaining only the January 2035 and June 2038 bonds, and the offer ranges widen significantly at this auction, with N600 billion to N800 billion available on both instruments.
The DMO stated that the September 14 auction repeated the same two-bond structure, again ranging from N600 billion to N800 billion per bond.
Investment analysts believe that the DMO’s FGN Bond auction reopening strategy indicates its efforts to deepen existing bond lines rather than fragmenting the market with new bond auctions.
