March Federal Bond Auction Oversubscribed by 4.28%

In March 2026, Nigeria’s Federal Government bond auction saw subscriptions of N931.5 billion against an N750 billion offer, marking a 4.28% oversubscription. Allotments totalled N485.49 billion, down 7.4% from February’s N524.28 billion. The auction featured three reopenings: a 5-year August 2030 bond (N250 billion), a 7-year June 2032 bond (N200 billion), and a 9-year May 2033 bond (N300 billion). The 9-year issue drew the most interest with N462.21 billion in bids and received N332.71 billion in allotments. Clearing yields were set at 16.00% for the 5-year, 16.15% for the 7-year, and 16.64% for the 9-year bond. Pricing ranges varied from 14.8% to 17% for the August 2030 bond, 15% to 17.95% for June 2032, and 14% to 19.89% for May 2033. The results highlight strong investor confidence in Nigerian sovereign debt, even as the government trimmed allocations compared to previous months.

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