FGN bonds attract N1.74trn, records 45% oversubscription
July FGN Bond Auction Oversubscribed by 45 Percent
By Elizabeth Adegbesan
LAGOS, Nigeria — The Federal Government of Nigeria’s bond auction in July 2026 saw subscriptions exceed expectations, with a total of N1.74 trillion recorded, surpassing the N1.2 trillion offered by the Debt Management Office (DMO). This oversubscription of 45 percent reflects robust investor interest in government-issued debt instruments.
According to the DMO’s report released yesterday, total allotments fell to N929.32 billion, a decrease of 23.8 percent from the N1.22 trillion allotted in June. The auction featured three bond instruments: the 22.6 percent FGN JAN 2035 bond, the 16.25 percent FGN APRIL 2037 bond, and the 15.45 percent FGN JUN 2038 bond, each initially offered at N400 billion.
The APRIL 2037 bond garnered the most attention, attracting bids totaling N665.19 billion from 122 successful applicants, and received the largest portion of allotments at N381.46 billion. The JAN 2035 bond registered subscriptions of N245.73 billion, while the JUN 2038 bond recorded N302.13 billion in bids.
Clearing yields for the bonds were reported as follows: 18.34 percent for the JAN 2035 bond, 18.35 percent for the APRIL 2037 bond, and 18.40 percent for the JUN 2038 bond. The pricing for the bonds was within the ranges of 16 percent to 22.6 percent for the JAN 2035 bond, 16 percent to 19.58 percent for the APRIL 2037 bond, and 17 percent to 20.45 percent for the JUN 2038 bond.
These results indicate a sustained appetite among investors for Nigerian government debt, despite a reduction in allotments compared to prior months.
