The Debt Management Office, DMO, failed to raise the expected amount from the bond auction exercise, despite receiving huge offers from investors during the exercise.
The debt office had offered to sell N100 billion worth of the bonds at the market, but ended up raising only 77.58 billion from the auction.
The DMO had offered to sell N50 billion worth of the FGN JUL 2021 note at 14.50 percent, and N50 billion also for the FGN MAR 2027 paper at 16.2884 percent.
However, it ended up receiving subscriptions worth N279.95 billion from investors with N89.95 billion and N190 billion received for the 2021 and 2027 bonds respectively.
Rates were cleared at 13.19 percent and 13.21 percent on the 2021 and 2027 bonds respectively. The exercise was conducted by the debt office using the Dutch auction system.
