Huge concerns around the 2019 general elections were not strong enough to dampen investors’ interests in the Nigeria’s dent market as seen in the bond auction results released by the Debt Management Office (DMO) Wednesday night.
The DMO on Wednesday, offered three instruments, for 5, 7 and 10-year tenors, with a total value of N150 billion were offered.
But total bids received from investors for the bonds exceeded N234 billion, with a total subscription level of 156 percent.
The DMO figures indicated that the focus of investors was principally on the 10-year bond which had a subscription level of 392 percent.
“The trend of oversubscription at FGN Bond Auctions for the year continued at the February 2019 Auction conducted by the Debt Management Office (DMO), the debt office confirmed in a mailed statement to BusinessDay.
Successful bids were allotted at lower lower than those at the last month’s Auction, with 14.52% for the 5-year; 14.7999% for the 7-year and 14.939% for the 10-year bond.
The DMO allotted the full N150 billion offered to successful bidders across the 3 tenors.
Onyinye Nwachukwu, Abuja