TUE MAR 31 2026-theGBJournal| Nigeria’s Debt Management Office (DMO) recorded strong investor appetite at Monday’s FGN bond auction, with total subscriptions rising to N930.50 billion against an offer of N750 billion.
Despite the robust demand—reflecting a bid-to-offer ratio of 1.2x—the DMO allotted a relatively modest N485.50 billion, translating to a tighter bid-to-cover ratio of 1.9x.
The auction featured the reopening of the AUG-2030, JUN-2030, and MAY-2033 instruments, with yields climbing sharply across key tenors.
The stop rate on the JUN-2030 and MAY-2033 bonds surged by 41 basis points and 90 basis points to 16.15% and 16.64% respectively, signaling a shift in investor pricing expectations. Meanwhile, the AUG-2030 bond cleared at 16.00%.
The uptick in yields highlights sustained pressure in the fixed income market as investors demand higher returns amid macroeconomic uncertainties.
The bonds are scheduled to settle on April 1, 2026, as market participants continue to recalibrate positions in response to evolving liquidity and inflation dynamics.
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