The Debt Management Office (DMO) has announced the offering of N200 billion Federal Government of Nigeria (FGN) bonds subscription by auction in August 2025.
The auction is scheduled to take place on Monday, August 25, 2025, with settlement fixed for Wednesday, August 27, 2025.
A circular posted on the DMO’s website on Thursday said the offer comprises two bonds: N100 billion FGN JUL 2030, a five-year tenor re-opening, and N100 billion 17.95 per cent FGN JUNE 2032, a seven-year tenor re-opening.
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The DMO said each bond unit is priced at N1,000, with a minimum subscription of N5,000 and additional investments in multiples of N1,000, allowing investors to subscribe for up to N50 million.
It said the interest rate for the bonds will be determined based on the yield-to-maturity bid that clears the total volume offered at auction, as these are re-openings of previously issued bonds.
The DMO further explained that Interest payments will be made semi-annually, while the principal will be repaid in full through a bullet repayment at the bond’s maturity date.
The agency also announced the successful completion of the July 2025 FGN bond auction, with a total of N185.9 billion successfully allotted across two re-opened bond offerings.
The auction garnered N39.075 billion in total subscriptions for the 5-Year FGN APR 2029 bond and an impressive N261.597 billion for the 7-Year FGN JUN 2032 bond.
Out of these bids, the DMO allotted N13.430 billion for the APR 2029 bond and N172.502 billion for the JUN 2032 bond—amounting to a total allotment of N185.932 billion, well over the initial offer size.
While the bonds retained their original coupon rates of 19.30 per cent and 17.95 per cent respectively, they were allotted at marginal rates of 15.69 per cent for the 5-Year bond and 15.90 per cent for the 7-Year bond.
The bond re-openings attracted a total of 149 bids—40 for the 2029 maturity and 109 for the 2032 maturity. Of these, 74 bids were successful (15 and 59, respectively).
The DMO said the bond issuance was carried out in compliance with the Debt Management Office (Establishment) Act, 2003, and the Local Loans (Registered Stock and Securities) Act, CAP. L17, Laws of the Federation of Nigeria 2004.
It advised interested investors to contact any of the authorised Primary Dealer Market Makers (PDMMs) for applications and further guidance.
These institutions include Access Bank Plc, First Bank of Nigeria Ltd, Stanbic IBTC Bank Ltd, Citibank Nigeria Ltd, First City Monument Bank Plc, Standard Chartered Bank Nigeria Ltd, Coronation Merchant Bank Ltd, FSDH Merchant Bank Ltd, United Bank for Africa Plc, Ecobank Nigeria Ltd, FBNQuest Merchant Bank Ltd, Rand Merchant Bank Nigeria Ltd, Guaranty Trust Bank Ltd, and Zenith Bank Plc.
