The Debt Management Office (DMO) has announced plans to open N200 billion worth of Federal Government of Nigeria (FGN) bonds for subscription at its monthly primary market auction scheduled for next week.
According to the circular, the DMO will raise N100 billion each from the 17.945% FGN AUG 2030 bond and the 17.95% FGN JUNE 2032 bond on September 29. Both instruments are reopened local bonds with maturities of five and seven years, respectively.
Market analysts expect spot rates at the auction to trend lower, reflecting the Central Bank of Nigeria’s dovish stance at its most recent Monetary Policy Committee meeting.
In secondary trading, the bond market maintained a calm tone with moderate demand, especially in the mid- to long-end of the curve. The 2027, 2033, and 2053 papers were quoted around 16.91%, 16.52%, and 15.88%, respectively, leaving the average yield relatively flat at 16.52%.
FGN bonds are backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.
 has announced plans to open N200 billion worth of Federal Government of Nigeria (FGN)...){kind=link}