Nigeria’s Debt Management Office (DMO) raised ₦614.5 billion in its latest federal government bond auction, driven by a surge in demand for longer-dated instruments that comfortably outpaced shorter-term offers.
This strong investor appetite pushed total proceeds well past the government’s initial targets.
According to results released on Tuesday, the auction on May 18 featured two reopened instruments originally offered at ₦300 billion each.
Settlement for both transactions is scheduled for May 20, 2026.
Market appetite proved markedly stronger for the 16.2499% FGN APR 2037 bond, which drew heavy institutional participation and a large volume of non-competitive bids, ultimately accounting for the bulk of the allotments.
On the 22.60% FGN JAN 2035 bond, investors submitted 130 bids worth N262.23 billion.
The DMO accepted 79 of them and allotted N137.67 billion.
The paper, which has eight years and eight months left to maturity, saw bid rates ranging from 15.00% to 22.60%.
It cleared at a marginal rate of 17.00%, with successful bidders receiving the bonds at that rate while the original 22.60% coupon stayed unchanged.
Demand was even more robust for the 16.2499% FGN APR 2037 bond, which has ten years and eleven months remaining.
It attracted 135 bids totaling N253.94 billion in competitive subscriptions plus N280 billion in non-competitive bids.
The DMO accepted 96 bids and allotted N476.84 billion — well above the original offer size.
Bid rates spanned 14.00% to 18.49%, with the marginal rate closing at 17.04%.
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