FGN bonds attract N1.75 trillion in bids, as DMO allots N1.21 trillion

The Federal Government of Nigeria (FGN) bond auction attracted N1.75 trillion in subscriptions in October 2026, while the Debt Management Office (DMO) allotted N1.21 trillion across three reopened bonds.

According to the DMO’s auction results for October 19, 2026, investors submitted bids for the February 2034, September 2036 and June 2038 bonds, with the September 2036 bond recording the highest subscription.

The auction offered investors fixed-income securities with maturities ranging from February 2034 to June 2038, while successful bids were allotted at marginal rates between 16.99% and 17.29%.

FGN bond subscriptions reach N1.75 trillion

The September 2036 bond attracted the largest demand, reflecting investors’ subscriptions of N925.35 billion against an offer of N800 billion.

• The February 2034 bond received N304.08 billion in subscriptions against an offer of N500 billion.
• The September 2036 bond recorded N925.35 billion in subscriptions, the highest among the three instruments.
• The June 2038 bond attracted N518.32 billion against an offer of N450 billion.
• The DMO recorded 420 bids across the three bonds, with 267 successful bids.

The results show that demand was concentrated in the September 2036 bond, while subscriptions for the February 2034 instrument fell below the amount offered. The June 2038 bond also attracted subscriptions above its offer amount.

DMO allots N1.21 trillion across three bonds

The DMO allotted N78.36 billion to the market for the February 2034 bond, N781.31 billion for the September 2036 bond and N350.72 billion for the June 2038 bond.

The September 2036 instrument accounted for the largest share of market allotments, reflecting its position as the most subscribed bond in the auction.

The DMO also recorded non-competitive allotments of N400 billion each for the February 2034 and September 2036 bonds. No non-competitive allotment was recorded for the June 2038 bond.

The three instruments were reopened securities, meaning the government offered additional amounts of existing bonds rather than issuing entirely new instruments.

Marginal rates settle between 16.99% and 17.29%

Successful bids for the February 2034, September 2036 and June 2038 bonds were allotted at marginal rates of 16.99%, 17.29% and 17.19%, respectively.

• The September 2036 bond recorded the highest marginal rate at 17.29%, followed by the June 2038 bond at 17.19%. The February 2034 bond had the lowest marginal rate at 16.99%.
• The DMO stated that the bonds’ original coupon rates would remain unchanged at 19.00% for the February 2034 instrument, 16.79% for the September 2036 bond and 15.45% for the June 2038 bond.
• Nairametrics previously reported that the DMO offered N1 trillion in September, comprising a new 10-year bond and the June 2038 reopening. In August, the agency allotted N1.56 trillion across three bonds on demand of N1.73 trillion.

Rates had fallen following the Central Bank of Nigeria’s Monetary Policy Committee decision to cut the benchmark interest rate by 350bps to 23% on September 22.