February 24, 2026/Coronation Update

The last FGN bond auction on 23rd February 2026 revealed strong investor demand, with a bid-to-offer ratio of 3.37x for the 17.95% FGN JUN 2032 instrument, and the DMO allotted N524.272bn, reflecting a final bid-to-cover ratio of 5.15x.

The Debt Management Office conducted its second FGN bonds auction of 2026 on 23rd February 2026. It offered N800.00bn, a N100.00bn less than that of the previous auction. Notably, there was the reopening of the 17.95% FGN JUN 2032, 19.89% FGN MAY 2033, and 19.00% FGN JAN 2034 instruments. The subscription reached approximately N2.69 trillion, which is 19.56% higher than of the last auction, translating to a bid-tooffer ratio of about 3.37x, highlighting strong demand across all tenors.

The DMO allotted N524.272bn vs N1.68trn in the previous auction reflecting a final bid-to-cover ratio of 5.15x. The instruments cleared at marginal rates of 15.74% (vs 17.62%), 15.74% (vs 17.50%) and 15.50 (vs
17.52%) respectively.

Investor’s demand was stronger at the medium end of the curve, with the JUN 2032 and MAY 2033 bonds recording significant oversubscription. This reflects continued preference for duration by institutional investors, likely driven by sustained disinflation (currently at 15.10%) and potential monetary policy easing in the near term.

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