The first FGN Bond Auction for the year held yesterday, 22nd January, 2020 recorded an over subscription of more than 300%. Subscriptions received through competitive (N624.5b) and Non-competitive bids (N1.83b) totaled N626.33 billion.
Following the auction, only N411.822 billion was allotted leaving N214.508 billion stranded. We expect a large portion of this stranded funds to find their way into the equities market in the coming days. Also, the outcome of this auction further confirms the will of government to allow yields continue to drop across all its fixed income securities.
Summary of last five bond auctions:
Please find below details of the auction results: