FGN bond achieved a remarkable 307% oversubscription during October auction.

The Debt Management Office (DMO) announced yesterday that the FGN Bond auction for October experienced an oversubscription of 307.6 percent, indicating a significant increase in investor demand.

The DMO revealed this information in its 2025 FGN bond auction results, which indicated total subscriptions of N1.06 trillion against the N260 billion that was offered. Allotments, however, decreased by 45.5 percent, falling to N313.77 billion in October from N576.62 billion in September.

The results indicated that the DMO offered two instruments in October: the 17.945% FGN AUG 2030 (5-year reopening) and the 17.95% FGN JUN 2032 (7-year reopening), with each having an offer of N130 billion.

The 5-year bond garnered N212.66 billion in subscriptions from 19 successful bids, while the 7-year bond attracted N845.63 billion from 75 successful bids.

A significant portion of the DMO's allotment was allocated to the 7-year tenor, which received N225.97 billion, a decrease of 47.6 percent compared to N488.83 billion in September. The 5-year tenor received allotments of N87.8 billion, which remained unchanged from September.

The 5-year bond cleared at 15.83 percent, down from 16 percent in September. The 7-year bond settled at 15.85 percent, reduced from 16.2 percent in September. The range of bids also contracted during the review period.

In October, investors priced the 5-year bond within a range of 15 percent to 16.5 percent, compared to September's range of 15 percent to 17.95 percent. Likewise, the 7-year bond's range eased to 14.5 percent to 17.4 percent in October, down from 14.95 percent to 19.2 percent in September.