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FG bond allotment rate drops significantly in February- DMO

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THE February 2020 Federal Government bond allotment by the Debt Management Office (DMO) recorded a significant decline compared to the January bond auction.

A statement by the DMO on Thursday obtained by The ICIR indicated that successful bids in the February auction were allotted at the rate of 8.75 percent for the 5-year, 10.7 percent for the 10-year and 12.15 percent for the 30-year bond.

When compared with the January bond auction issued by the DMO with allotment rates of 9.85 percent, 11.125 percent and 12.56 percent for the 5-Year, 10-Year and 30-Year Bonds respectively, it reflects a significant decline.

For the February auction, the DMO offered N140billion across three instruments to investors at the auction (5-year tenor: N45billion 10-year tenor: N45billion and 30-year tenor: N50billion.)

The DMO said subscriptions received through Competitive Bids for the three instruments was N398.20 billion, indicating a total subscription level of 284.43 percent.

It disclosed that non-competitive bid for the sum of N60 billion was also received, making the total subscriptions from Competitive and Non-competitive bid to be N458.20 billion.

The breakdown of the competitive subscriptions shows that the sum of N78.43 billion or 174.30 percent was received for the 5-year bond.

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The sum N95.70 billion or 212.67 percent for the 10-year bond and the sum of N224.07 billion or 223.15 percent for the 30-year bond.

The statement also showed that the total amount allotted for competitive bids was N100billion across the three tenors, while a total sum of N60billion was allotted through a non-competitive bid for the 5-year and 10-year tenors, at same rates with the competitive bids.

Total allotment from competitive and non-competitive bids stood at N160.00 billion.

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