The Debt Management Office has announced that it raised N724.9 billion in February 2023 Federal Government bond auction. DBO said it was a 100% increase compared to the previous year.

The auction, which was held on February 13, 2023, saw a total of 577 bids worth N724.9 billion received for the total amount offered of N360 billion.

The total amount allotted was N771.56 billion, with successful bids allotted at marginal rates of 13.99%, 14.90%, 15.90%, and 16.00%.

The original coupon rates for each bond will be maintained, with successful bids for the 13.98% FGN FEB 2028 (10-Year Bond), 12.50% FGN APR 2032 (10-Year Bond), 16.2499% FGN APR 2037 (20-Year Bond), and 14.80% FGN APR 2049 (30-Year Bond) being allotted at the marginal rates of 13.99%, 14.90%, 15.90%, and 16.00%, respectively.

The settlement date for the auction was February 15, 2023, and the bonds will mature on February 23, 2028, April 27, 2032, April 18, 2037, and April 26, 2049, respectively.