FGN bonds attract N1.75 trillion in bids, as DMO allots N1.21 trillion

The Federal Government of Nigeria (FGN) bond auction attracted N1.75 trillion in subscriptions in October 2026, while the Debt Management Office (DMO) allotted N1.21 trillion across three reopened bonds.

According to the DMO’s auction results for October 19, 2026, investors submitted bids for the February 2034, September 2036 and June 2038 bonds, with the September 2036 bond recording the highest subscription.

The auction offered investors fixed-income securities with maturities ranging from February 2034 to June 2038, while successful bids were allotted at marginal rates between 16.99% and 17.29%.

The September 2036 bond attracted the largest demand, reflecting investors’ subscriptions of N925.35 billion against an offer of N800 billion.

The results show that demand was concentrated in the September 2036 bond, while subscriptions for the February 2034 instrument fell below the amount offered. The June 2038 bond also attracted subscriptions above its offer amount.

The DMO allotted N78.36 billion to the market for the February 2034 bond, N781.31 billion for the September 2036 bond and N350.72 billion for the June 2038 bond.

The DMO also recorded non-competitive allotments of N400 billion each for the February 2034 and September 2036 bonds. No non-competitive allotment was recorded for the June 2038 bond.

The three instruments were reopened securities, meaning the government offered additional amounts of existing bonds rather than issuing entirely new instruments.

Successful bids for the February 2034, September 2036 and June 2038 bonds were allotted at marginal rates of 16.99%, 17.29% and 17.19%, respectively.

Rates had fallen following the Central Bank of Nigeria’s Monetary Policy Committee decision to cut the benchmark interest rate by 350bps to 23% on September 22.

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