May 20, 2026/Coronation Report

The Debt Management Office (DMO) conducted its May 2026 FGN bond auction on 18 May 2026, offering a total of N600bn (vs. N700bn at the previous auction) through the re-opening of the 22.60% FGN FEB 2035 and the 16.25% FGN APR 2037 instruments. Investor participation weakened, with total subscriptions settling at N796.17bn (including N280bn non-competitive bids), lower than N948 subscription at the previous auction.

This translates to a bid-to-offer ratio of 1.33x amid increasingly cautious market sentiment. The DMO allotted N614.51bn, implying a bid-to-cover ratio of 1.23x. The instruments cleared at marginal rates of 17.00% (vs. 16.59% at the prior auction) and 17.04%, respectively.

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