April 2021 Bond Auction: Another Decent Bond Auction for the DMO


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The
DMO held its monthly auction of FGN bonds on Wednesday. It offered its usual
NGN150bn, raised NGN158bn (USD390m) and secured a total bid of NGN266bn. The
marginal rates on the ten, 15 and 25-year benchmarks rose by 175bps, 184bps and
185bps from the previous month respectively. The DMO could, of course, have
accepted fewer bids and set lower marginal rates. However, it has been set a
challenging domestic funding target of NGN2.34trn towards the projected deficit
of NGN5.60trn in the FGN’s 2021 budget, subject to revision. (Its external
target is identical). By way of reference, we recall that the DMO collected
NGN1.66trn (gross) from FGN bond sales in 2020.



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