The Debt Management Office (DMO) has allotted a total of ₦614.5 billion across two reopened instruments in the May 2026 Federal Government bond auction.
The result was announced by the agency on Tuesday.
The Federal Government had offered two instruments at the auction held on May 18, 2026 — the 22.60% FGN JAN 2035 bond and the 16.2499% FGN APR 2037 bond — with each carrying an initial offer size of ₦300 billion.
Settlement for both bonds has been fixed for May 20, 2026.
The outcome showed stronger investor appetite for the longer-dated APR 2037 bond, which attracted significant non-competitive bids and accounted for the larger share of total allotments.
The 22.60% FGN JAN 2035 bond received subscriptions worth ₦262.23 billion from 130 bids, out of which 79 bids were successful.
The DMO allotted ₦137.67 billion to the JAN 2035 bond, which has a remaining tenor of 8 years and 8 months. Bid rates ranged from 15.00% to 22.60%, while the marginal rate settled at 17.00%.
Successful bids for the instrument were allotted at a marginal rate of 17.00%, while the original coupon of 22.60% remains unchanged.
Investor demand was higher for the 16.2499% FGN APR 2037 bond, which attracted strong participation from institutional investors.
The bond received 135 bids, with 96 bids accepted by the DMO. Total subscriptions stood at ₦253.94 billion, alongside ₦280 billion in non-competitive bids, bringing total allotment to ₦476.84 billion — well above the initial offer size.
The APR 2037 bond, with a remaining tenor of 10 years and 11 months, recorded bid rates between 14.00% and 18.49%, with a marginal rate of 17.04%.
Successful bids for both instruments were allotted at marginal rates of 17.00% and 17.04% respectively, while coupon rates remain unchanged at 22.60% for JAN 2035 and 16.2499% for APR 2037.
FGN bond auctions continue to serve as a key financing tool for the federal government to fund budget deficits and support public expenditure obligations.