Friday, May 14, 2021

Auction: Nigerian gov’t makes N64.06bn from bonds

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Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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The Federal Government allotted N64.06 billion bonds in its March auction, as against the N70 billion earlier planned, the Debt Management Office, DMO, said.

The result of the auction obtained from the DMO website on Thursday in Abuja showed that the debt office sold N10.05 billion in five-year bonds at 13.40 percent and N45.10 billion in 10-year bonds at 13.60 percent.

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It, however, introduced a new seven-year bond at 13.53 per cent and raised N8.91 billion for it.

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The result also said the July 2021 bonds were originally set at 14.50 per cent, March 2025 at 13.53 per cent and Feb.  2028 at 13.98 per cent.

It also said out of the 153 bids, only 64 were successful, adding that the auction drew subscriptions of N142.81 billion.

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

NAN

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