• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy

FGN Bond over subscribed by 100% as DMO raises N724.9 billion in February 2023 auction

Chike Olisah by Chike Olisah
February 14, 2023
in Economy, Fixed Income, Markets, Public Debt, Securities
supreme court, Muhammadu Buhari

Muhammadu Buhari

Share on FacebookShare on TwitterShare on Linkedin

The Debt Management Office (DMO) has announced the results of the February 2023 FGN bond auction.

The auction featured the re-opening of four bonds: the 13.98% FGN FEB 2028 (10-Year Bond), 12.50% FGN APR 2032 (10-Year Bond), 16.2499% FGN APR 2037 (20-Year Bond), and 14.80% FGN APR 2049 (30-Year Bond).

The auction, which was held on February 13, 2023, saw a total of 577 bids worth N724.9 billion received for the total amount offered of N360 billion. The total amount allotted was N771.56 billion, with successful bids allotted at marginal rates of 13.99%, 14.90%, 15.90%, and 16.00%.

RelatedStories

FG Promissory Notes rise to N1.65 trillion, up 114% in one year under Tinubu 

President Tinubu renames University of Maiduguri to Muhammadu Buhari University 

July 18, 2025
Telecom

Telecom operators raise alarm over rising vandalism threatening Nigeria’s digital economy 

July 18, 2025

The original coupon rates for each bond will be maintained, with successful bids for the 13.98% FGN FEB 2028 (10-Year Bond), 12.50% FGN APR 2032 (10-Year Bond), 16.2499% FGN APR 2037 (20-Year Bond), and 14.80% FGN APR 2049 (30-Year Bond) being allotted at the marginal rates of 13.99%, 14.90%, 15.90%, and 16.00%, respectively.

The settlement date for the auction was February 15, 2023, and the bonds will mature on February 23, 2028, April 27, 2032, April 18, 2037, and April 26, 2049, respectively.

The appetite for FGN Bonds is still high

The auction results indicate strong demand for FGN bonds, as the total amount allotted exceeded the total amount offered. It also suggests investor confidence in the Nigerian economy and the ability of the government to meet its debt obligations.

  • In a statement, the DMO said the auction was part of its efforts to raise funds for the implementation of the Federal Government’s 2023 budget and to finance critical infrastructure projects across the country.
  • The DMO has been actively promoting the issuance of FGN bonds as a means of diversifying the country’s funding sources and reducing its dependence on short-term borrowing. The FGN bond market has grown significantly in recent years, with a wide range of maturities and attractive yields for investors.
  • Overall, the results of the February 2023 FGN bond auction highlight the continued strong demand for FGN bonds and the government’s commitment to meeting its funding needs through the capital markets.
But, In recent years, Nigeria’s rising debt profile has been a topic of concern, with some experts warning that the country’s debt levels are unsustainable. The Debt Management Office (DMO) stated in January that Nigeria’s public debt could rise to N77 trillion if the country’s “ways and means” are securitized.
  • “Ways and means” refer to the Central Bank of Nigeria’s (CBN) lending to the federal government. The DMO said that the “securitization of ways and means” is not unusual and is a common practice in many countries, but it is not a decision that can be made by the DMO alone.
  • The DMO noted that the debt-to-GDP ratio, which was at 21.6% in September 2021, is still within the sustainable threshold of 40%.
  • However, some experts have expressed concerns that Nigeria’s rising debt levels could become unsustainable if not managed properly.
  • The government has argued that borrowing is necessary to finance critical infrastructure projects and stimulate economic growth.

What is a reopened bond?

A reopened bond is a type of bond that has been previously issued but is now being offered for sale again. When a bond is first issued, it is known as a new issue or an original issue.

  • Once the bond has been sold and is outstanding, it can be reopened for additional sales in the future.
  • Reopened bonds have the same coupon rate, maturity date, and other features as the original bond, but they are sold at a different price and yield, which may be higher or lower than the original issue price and yield.
  • Reopened bonds are often used by governments and corporations to raise additional funds without incurring the costs of issuing a completely new bond. Investors who purchase reopened bonds receive the same cash flows and credit risk exposure as those who purchased the original issue.

Follow us for Breaking News and Market Intelligence.
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

FG Promissory Notes rise to N1.65 trillion, up 114% in one year under Tinubu 
Education

President Tinubu renames University of Maiduguri to Muhammadu Buhari University 

July 18, 2025
Telecom
Sectors

Telecom operators raise alarm over rising vandalism threatening Nigeria’s digital economy 

July 18, 2025
Federal High Court, ,
Legal & Regulations

Alleged $12 Million Money Laundering: EFCC Witness testifies against SunTrust Bank MD, Executive Director 

July 17, 2025
Weekly Stock Update: Nigerian Exchange Group record growth w-o-w, up by 0.48%
Equities

Three cement giants and FIRSTHOLDCO spark rally as ASI shatters 130,000 on the Nigerian stock market 

July 17, 2025
Festus Keyamo,
Aviation

FG to host International Air Show in Abuja in December 

July 17, 2025
Use of jamming systems can address challenges posed by insurgents in Nigeria – Bright Echefu
Business News

Use of jamming systems can address challenges posed by insurgents in Nigeria – Bright Echefu

July 17, 2025
Next Post
Valentine's day business ideas

Businesses that will profit from today's Valentine’s Day celebrations

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • President Tinubu renames University of Maiduguri to Muhammadu Buhari University 
  • Telecom operators raise alarm over rising vandalism threatening Nigeria’s digital economy 
  • Alleged $12 Million Money Laundering: EFCC Witness testifies against SunTrust Bank MD, Executive Director 

Follow us on social media:

Recent News

FG Promissory Notes rise to N1.65 trillion, up 114% in one year under Tinubu 

President Tinubu renames University of Maiduguri to Muhammadu Buhari University 

July 18, 2025
Telecom

Telecom operators raise alarm over rising vandalism threatening Nigeria’s digital economy 

July 18, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics