June 29, 2026/Coronation Report
The Debt Management Office (DMO) conducted its June 2026 FGN bond auction on 22 June 2026, offering a total of N1.2trn (vs. N600bn 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 strengthened with total subscriptions settling at N1.41trn higher than N796.17bn subscription at the previous auction.
This translates to a bid-to-offer ratio of 1.18x. The DMO allotted N1.22trn, implying a bid-to-cover ratio of 1.16x. The instruments cleared at marginal rates of 17.00% (vs. 18.34% previously) and 17.04% (18.35% previously), respectively.
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