The Debt Management Office has raised N271.2bn from its latest bond auction, held on 24 March. The issuance included N4.69bn from the re-opening of the 19.30% April 2029 five-year bond and N266.54bn from the re-opening of the 19.89% May 2033 nine-year bond.
Investor interest was stronger in the nine-year offering, which attracted N471.2bn in bids from 215 investors, with 95 accepted. The five-year bond received N59.1bn in subscriptions from 35 bidders, but only three were successful.
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The marginal rates stood at 19.00% and 19.99% for the five-year and nine-year bonds, respectively. However, both will retain their original coupon rates of 19.30% and 19.89%. The auction underscores continued demand for government securities despite high borrowing costs.
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