The DMO said in a statement on Wednesday in Abuja that it offered N100 billion bonds, but received a subscription of N240.6 billion.
“The FGN Bond auction for March 2019 conducted on Wednesday at which N100 billion bonds were offered was oversubscribed just as in the auctions for January and February.
“We offered three instruments at the auction for three, seven and 10-year tenors and subscriptions for the three instruments was in excess of N148 billion for competitive bids. Non-competitive bids valued at N92.6 billion were also received, taking the total subscriptions across the three tenors to over N240.6 billion,” the DMO said.
It added that the trend of investors’ preference for the longer tenured instrument continued, with the 10-year bond significantly oversubscribed with a bid-to-cover ratio above five.
Local media reports quoted the DMO as saying that allotments were made to successful bidders at the rates of 13.5 percent for the five-year, 13.5 percent for the seven-year and 13.5 percent for the 10-year bonds, which are considerably lower than the allotment rates for the February 2019 auction.
The DMO added that the total amount allotted to both competitive and non-competitive bids for the three instruments was N121.95 billion. ($1=N305)