N376.771bn allotted for April 2025 bond – DMO

The Debt Management Office (DMO) has released the results of the April 2025 Federal Government of Nigeria (FGN) Bond Auction. The auction showed that the government successfully allotted a total of N397.898 billion across two re-opening issues—the 19.30% FGN APR 2029 (5-Year Bond) and the 19.89% FGN MAY 2033 (9-Year Bond). The auction was held […]

The Debt Management Office (DMO) has released the results of the April 2025 Federal Government of Nigeria (FGN) Bond Auction.

The auction showed that the government successfully allotted a total of N397.898 billion across two re-opening issues—the 19.30% FGN APR 2029 (5-Year Bond) and the 19.89% FGN MAY 2033 (9-Year Bond).

The auction was held on April 28, 2025 with the settlement date scheduled for April 30, 2025.

Data by the DMO indicated that the auction saw mixed investor interest across the two maturities.

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The 2033 bond was oversubscribed significantly, while the shorter-dated 2029 note witnessed modest demand.

The breakdown of the auction results showed that the 5-year FGN Bond, offered at a coupon rate of 19.30%, recorded a total allotment of N21.127 billion across 13 successful subscriptions while the 9-year FGN Bond, which carries a higher yield of 19.89%, had a total allotment of N376.771 billion from 137 successful subscriptions.

FGN bond is issued with a minimum subscription of N50,001,000.00 + multiple of N1,000.00 thereafter.

Analysis of the results showed that investors showed preference to the longer-dated 2033 bonds, which attracted N452.16 billion in total bids—more than triple the N150 billion on offer.

This resulted in a competitive allotment of N376.77 billion and an additional N73 billion via non-competitive bids, pushing total allotments for the 2033 paper to N449.77 billion.

In contrast, the 2029 bond saw subdued demand, attracting bids worth N43.79 billion against an offer size of N200 billion. The DMO allotted only N21.13 billion competitively and N50 billion non-competitively, totaling N71.13 billion.

The DMO in the result said, “Successful bids for the 19.30% FGN APR 2029 (Re-opening, 5-Year Bond) & 19.89% FGN MAY 2033 (Re-opening, 9-Year Bond) were allotted at the Marginal Rates of 19.00% and 19.99%, respectively.

“However, the original coupon rates of 19.30% for the 19.30% FGN APR 2029 & 19.89% for the 19.89% FGN MAY 2033 will be maintained.”