Nigeri'a Debt Management Office (DMO) said that the NGN 20 billion (US$150.3 million) bond, which is the first tranche of the second FGN NGN 140 billion bond, has been oversubscribed by 250%. THis translates to a total subscription of about NGN 70 billion. The NGN 20 billion bond is the first of the seven tranches of the 2nd FGN Bond series. DMO's Director General, Mansur Muhtar said that the NGN 20 billion bond has been issued to the investing public and oversubscribed to the extent of NGN 69.923 billion. The bond received 140 bids. A total of NGN 20.533 billion has been allotted to 39 successful investors that bid at he rate of between 7% - 17%. The 39 successful bidders include non-bank public, corporations and financial institutions. Muhtar said that the receipt of 140 bids indicates the growing appetite for bonds.
Nigerian bonds oversubscribed