A circular posted on the Debt Management Office’s website on Thursday noted that the exercise will hold on August 25, 2025, with settlement fixed for Wednesday, August 27, 2025.
According to the DMO, the bond issuance was carried out in compliance with the Debt Management Office (Establishment) Act, 2003, and the Local Loans (Registered Stock and Securities) Act, CAP. L17, Laws of the Federation of Nigeria 2004.
The offer comprises two bonds — ₦100 billion FGN JUL 2030, a five-year tenor re-opening, and ₦100 billion 17.95% FGN JUNE 2032, a seven-year tenor re-opening.
Each bond unit is priced at ₦1,000, with a minimum subscription of ₦5,000 and additional investments in multiples of ₦1,000, allowing investors to subscribe for up to ₦50 million.
The interest rate for the bonds will be determined based on the yield-to-maturity bid that clears the total volume offered at auction, as these are re-openings of previously issued bonds. Interest payments will be made semi-annually, while the principal will be repaid in full through a bullet repayment at the bond’s maturity date.
DMO also announced the successful completion of the July 2025 FGN bond auction, with a total of ₦185.9 billion successfully allotted across two reopened bond offerings.
The auction raked in ₦39.075 billion in total subscriptions for the 5-Year FGN APR 2029 bond and an impressive ₦261.597 billion for the 7-Year FGN JUN 2032 bond.
Out of these bids, the DMO allotted ₦13.430 billion for the APR 2029 bond and ₦172.502 billion for the JUN 2032 bond—amounting to a total allotment of ₦185.932 billion, well over the initial offer size.
While the bonds retained their original coupon rates of 19.30% and 17.95% respectively, they were allotted at marginal rates of 15.69% for the 5-Year bond and 15.90% for the 7-Year bond. This reflects a decline in yield expectations, possibly indicating that investors anticipate easing inflationary pressures or a stable monetary policy environment in the medium term.
The bond re-openings attracted a total of 149 bids—40 for the 2029 maturity and 109 for the 2032 maturity. Of these, 74 bids were successful (15 and 59, respectively).
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