Nigeria’s March 2026 bond auction recorded solid investor interest, as the Debt Management Office revealed a 4.28% oversubscription for FGN Bonds.
Investors submitted bids totaling N931.5 billion against an offer of N750 billion, highlighting sustained demand for government securities. However, total allotments declined by 7.4% to N485.49 billion, compared to N524.28 billion recorded in February.
The auction featured three bond instruments: the 17.945% FGN AUG 2030 (5-year reopening), 17.95% FGN JUN 2032 (7-year reopening), and 19.89% FGN MAY 2033 (9-year reopening).
The 9-year MAY 2033 bond emerged as the top choice among investors, drawing N462.21 billion in bids from 154 successful applicants. It also received the largest share of allotments at N332.71 billion. Meanwhile, the AUG 2030 and JUN 2032 bonds recorded allotments of N88.79 billion and N63.99 billion, respectively.
Clearing yields settled at 16% for AUG 2030, 16.15% for JUN 2032, and 16.64% for MAY 2033, with pricing ranges reflecting competitive bidding across all maturities.
Overall, the results underscore growing investor appetite for Nigerian government debt, even as the government exercised tighter allotment strategies compared to previous months.
