The federal government has raised N297.006 billion from the June bond auction.
This is according to the auction result released by the Debt Management Office (DMO) for the June 2024 bond auction.
The amount raised is about 66 per cent of its target and about 22 per cent less than the N380.769 billion raised in May.
The total subscription across all tenors was N305.257 billion, an amount lower than the N551.316 billion recorded in the previous month.
The auction, which took place on June 24, 2024, featured the re-opening of three Federal Government of Nigeria (FGN) bonds: the 19.30% FGN APR 2029, the 18.50% FGN FEB 2031, and the 19.89% FGN MAY 2033.
Despite offering a total of N450 billion across these bonds, the total subscription amounted to N305.257 billion, and the total amount allotted was N297.006 billion, indicating that it was undersubscribed.
The result revealed a shift in investor preferences towards higher-yielding and longer-tenor bonds, amidst a backdrop of cautious market sentiment.
