The Debt Management Office (DMO) has announced the Federal Government of Nigeria (FGN) will auction N200 billion bonds in August 2025.
The auction, scheduled for August 25 with settlement on August 27, comprises N100 billion FGN JUL 2030 and N100 billion 17.95% FGN JUNE 2032 re-openings.
According to a circular on the DMO website, units are priced at N1,000 with a N5,000 minimum subscription and multiples of N1,000 up to N50 million.
DMO said interest payments will be semi-annual, while principal repayment will be a bullet payment at maturity. Rates will be auction-determined.
Figures released showed July 2025 auction results, where N185.9 billion was allotted across re-opened bonds despite the initial N150 billion offer size.
DMO disclosed subscriptions reached N39.075 billion for 5-Year APR 2029 and N261.597 billion for 7-Year JUN 2032, highlighting strong investor demand.
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Allotments stood at N13.430 billion for APR 2029 and N172.502 billion for JUN 2032, at marginal rates of 15.69% and 15.90% respectively.
The bonds retained coupon rates of 19.30% and 17.95%. The lower marginal rates suggest easing inflation expectations and stable monetary outlook.
DMO said 149 bids were received in July, with 74 successful, reflecting investor appetite. The re-openings remain under the DMO Establishment Act 2003.
Investors were directed to approach licensed Primary Dealer Market Makers including Access Bank, FBN, Stanbic IBTC, GTBank, Zenith, and others for applications.
