The Federal Government’s April 2026 bond auction attracted a total of N948 billion in bids.
This is according to the latest circular published on the Debt Management Office’s (DMO) website, following the auction held on Monday.
The bids are higher than the N700 billion offered across three maturities.
According to the DMO, the auction covered the re-opening of the 17.945% FGN August 2030 bond, the 17.95% FGN June 2032 bond, and the 22.60% FGN January 2035 bond.
Settlement is scheduled for April 29, 2026.
The circular indicated that investor participation was broad-based, but demand was heavily skewed toward the long end of the curve, reflecting continued preference for higher yields in a tight monetary environment.
The auction results show strong but selective demand across the three instruments, with the 10-year paper dominating subscriptions.
Total subscriptions stood at about N948 billion across all instruments
The 10-year 2035 bond attracted N599.02 billion in bids versus N300 billion offered; the 7-year 2032 bond recorded N167.04 billion against N100 billion offered; and the 5-year 2030 bond drew N181.94 billion against N300 billion offered
A total of 339 bids were received across the auction
The data shows that investor demand was strongest at the long end, while shorter tenors saw relatively softer participation, particularly the 5-year bond which was under-subscribed relative to its offer size.
The widespread bid rates, ranging from 15.00% to 22.60%, also point to divergent investor expectations around inflation, monetary policy direction, and future interest rate movements.
However, marginal rates ultimately cleared at 16.30% for the 2030 bond, 16.50% for the 2032 bond, and 16.59% for the 2035 bond, indicating the Debt Management Office maintained tighter pricing discipline than peak bids suggested.
