FG sells N60bn in bonds at lower yields on all tenors

The Debt Management Office (DMO) sold bonds worth a total of N60 billion ($302 million) at lower yields on all tenors at an auction on Wednesday, a statement said on Thursday.

The debt office said that investors submitted total bids of 183.34 billion naira compared with 184.72 billion naira at the last auction.

The lower yields reflected the trend in the secondary market, which remain at below 14 percent following a sharp rise immediately after Nigeria’s peaceful elections in March.

The 5-year, 10-year and 20-year tenors each received a total of 20 billion naira, the debt office said.

The 5-year paper was sold at 13.84 percent, lower than 14.44 percent the debt attracted at the last month’s auction.

The 10-year bond fetched a yield of 13.48 percent against 14.22 percent last month, while the 20-year debt attracted a yield of 13.88 percent compared with 14.45 percent last month.