FGN bond oversubscribed by 42% in November auction

By Elizabeth Adegbesan

The Federal Government of Nigeria (FGN) bond recorded a 42.8 percent oversubscription in its November 2025 auction, reflecting a surge in investor demand during the period.

The Debt Management Office (DMO) disclosed this in its November 2025 FGN bond auction results, which showed total subscriptions of N657.3 billion against the N460 billion offered. Allotments rose by 85.9 percent to N583.52 billion from N313.77 billion in October.

The DMO offered two instruments in November—the 17.945 percent FGN AUG 2030 (5-year reopening) and the 17.95 percent FGN JUN 2032 (7-year reopening), with N230 billion allocated to each.

The 5-year bond attracted N147.9 billion in subscriptions from 37 successful bids, while the 7-year bond drew N509.39 billion from 121 successful bids. A bulk of the allotments went to the 7-year tenor, which received N448.72 billion, up 98.5 percent from N225.97 billion in October. The 5-year tenor received N134.79 billion, a 53.5 percent increase from N87.8 billion in October.

The 5-year paper cleared at 15.9 percent, up slightly from 15.83 percent in October, while the 7-year bond settled at 16 percent, compared to 15.85 percent previously. The range of bids tightened in November, with the 5-year bond priced between 14.9 percent and 17.94 percent, and the 7-year bond between 14.9 percent and 17.95 percent, compared with 15–16.5 percent and 14.5–17.4 percent, respectively, in October.

The results indicate sustained investor confidence in FGN bonds, driven by the attractiveness of the yields and the government’s continued commitment to debt market stability.

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