The Debt Management Office (DMO) says the N145 billion offered for three instruments in the July bond auction received a total value of N301.02 billion, indicating a subscription level of 207.6 per cent.
In a statement the DMO issued in Abuja, it said the auction which took place on Wednesday received 298 competitive bids from investors for the three instruments of five, 10 and 30-year tenure that were offered.
It, however, said that overall, N145.02 billion was raised at the auction through both competitive and non-competitive bids.
“The total amount allotted for competitive bids was N86.82 billion from the total subscription of N301.02 billion.
“In addition, the sum of N58.20 billion was allotted across the three tenors for non-competitive bids at the same rates with the competitive bids.”
The DMO added that allotments were made on successful bids at 13.35 per cent for the five-year, 13.64 per cent for the 10-year and 14.12 per cent for the 30-year bonds.
These, it said, were consistent with secondary market yields and also represented a decline in the marginal rates compared with those at the June bond auction.
“The amount raised is to be utilised to part-finance the 2019 budget of the Federal Government,” the DMO said.
The News Agency of Nigeria (NAN ), reports that Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.