The Debt Management Office (DMO) has announced that it raised ₦606.455 billion in the first Federal Government (FGN) Bond auction of 2025, surpassing its initial target of ₦450 billion. The auction, held on Monday, January 29, 2025, saw strong investor interest across the three bond offerings.

According to the auction results released on Tuesday, total bids amounted to ₦669.939 billion, with the 10-year bond attracting the highest demand. Investors staked ₦92.66 billion on the 19.30% FGN April 2029 (five-year bond), with bid rates ranging from 19.30% to 22.75%. However, only ₦78.859 billion was allotted, falling short of the planned ₦100 billion issuance.

For the 18.50% FGN February 2031 (seven-year bond), subscription reached ₦175.87 billion, exceeding the initial ₦150 billion target. Eventually, ₦159.287 billion was allotted at yield rates ranging from 20% to 23.45%.

The 10-year bond attracted the highest interest, with subscriptions doubling the ₦200 billion initially planned by the DMO. By the close of the auction, ₦368.309 billion was allotted at a 22.6% rate, from a total subscription of ₦401.409 billion. Investor bids for this paper ranged widely from 15% to 29%.

The successful auction reflects strong investor confidence in government securities, with demand exceeding supply across all tenors.