The Debt Management Office (DMO) says it raised N123.85 billion in its July Federal Government of Nigeria (FGN) bond auction.

The DMO, which made this known in a statement on Monday, said that the three instruments auctioned were valued at N75 billion each, totalling N225 billion.

It said that though the short-term and medium-term instruments recorded below the offered amounts, investors showed a preference for the long-term instrument.

“The DMO, on July 18, offered three instruments – 13.53 per cent FGN March 2025, 12.50 per cent FGN April 2032 and 13 per cent FGN January 2042 for N75 billion each.

“It made a total of N225 billion offer for a subscription to the investing public at the July FGN bond auction.

“Although subscription for 13.53 per cent FGN March 2025, 12.50 per cent FGN April 2032 was below the offered amount, investors ‘ appetite for the longer-dated 13 per cent FGN April 2042 remained strong.

“It recorded total subscriptions of N104.92 billion representing about 140 per cent of the amount offered for the instrument,” it said.

It said that the total amount allotted to successful bidders was N123.85 billion, adding that the allotments were made at interest rates of 11 per cent, 13 per cent and 13.74 per cent, respectively.