Debt Management Office (DMO) yesterday said that the FGN Bond auction for October recorded 307.6 percent oversubscription reflecting a surge in investors’ demand.

The DMO disclosed this in its 2025 FGN bond auction results which showed subscriptions of N1.06 trillion against the N260 billion offered with allotments declining by 45.5 percent to N313.77 billion in October from N576.62 billion in September.

The result showed that DMO offered two instruments in October—the 17.945% FGN AUG 2030 (5-year reopening) and the 17.95% FGN JUN 2032 (7-year reopening) with an offer of N130 billion respectively.

The 5-year bond attracted N212.66 billion subscriptions from 19 successful bids while the 7-year bond attracted N845.63 billion subscriptions from 75 successful bids.

A bulk of the DMOs allotment went to the 7-year tenor, which received N225.97 billion, down by 47.6 percent compared to N488.83 billion in September. The 5-year tenor received N87.8 billion allotments, the same figure received in September.

The 5-year paper cleared at 15.83 percent from 16 percent in September. The 7-year bond settled at 15.85 percent from 16.2 percent in September. The range of bids also eased in the review period.

In October, investors priced the 5-year within the range of 15 percent to 16.5 percent compared to September, when the range was within 15 percent to 17.95 percent. Similarly, the 7-year range eased to 14.5 percent to 17.4 percent in October from 14.95 percent to 19.2 percent in September.