The Debt Management Office (DMO) has allotted a total of N524.28 billion across three Federal Government of Nigeria (FGN) bonds at its February 2026 auction, amid strong investor demand that saw subscriptions significantly exceed the N800 billion offered.
Details of the auction result released by the DMO showed that the bonds on offer were the 17.95 per cent FGN June 2032 (re-opening, 7-year bond), 19.89 per cent FGN May 2033 (re-opening, 9-year bond) and 19.00 per cent FGN February 2034 (re-opening, 10-year bond).
The auction, which held on February 23, 2026, with settlement on February 25, 2026, attracted total subscriptions of N2.70 trillion, underscoring sustained appetite for sovereign debt instruments.
A breakdown of the results indicates that the 17.95 per cent FGN June 2032 bond, with an offer size of N400 billion, recorded subscriptions of N851.59 billion from 184 bids.
The DMO eventually allotted N188.14 billion at a marginal rate of 15.7400 per cent.
Similarly, the 19.89 per cent FGN May 2033 bond, for which N300 billion was offered, drew subscriptions worth N874.69 billion across 268 bids. A total of N208.63 billion was allotted at a marginal rate of 15.7400 per cent.
For the 19.00 per cent FGN February 2034 bond, N100 billion was offered, while investors submitted bids amounting to N972.93 billion from 287 bids. The DMO allotted N127.51 billion at a marginal rate of 15.5000 per cent.
The range of bids for the three instruments stood between 14.9000 per cent and 20.0000 per cent for the June 2032 and February 2034 bonds, while the May 2033 bond attracted bids ranging from 14.9500 per cent to 20.0350 per cent.
The DMO noted that although the bonds were allotted at marginal rates of 15.7400 per cent for the June 2032 and May 2033 issues, and 15.5000 per cent for the February 2034 issue, the original coupon rates of 17.95 per cent, 19.89 per cent and 19.00 per cent respectively will be maintained.
The outcome reflects continued investor confidence in FGN securities, supported by relatively attractive yields and the instruments’ status as risk-free benchmarks within the domestic fixed income market.
