The Federal Government has listed savings’ bonds worth N277.7bn on the Nigerian Stock Exchange.

The bonds, which were listed on Tuesday, consisted of N78.7bn two-year series 56 bonds at the rate of 11.195 per cent and N198.9bn three-year series 57 bonds at the rate of 12.195

The NSE said in a notice that the interest on the bonds would be paid quarterly.

Meanwhile, the Debt Management Office said the FG’s July bond auction was oversubscribed by 107.6 per cent, showing investors’ appetite for bonds.

The DMO offered three instruments with tenors of five, 10 and 30 years, which had a total value of N145bn, for subscription to the investing public at its July 2019 FGN Bond Auction on Wednesday, July 24.

According to a statement by the DMO, 298 competitive bids were received from investors for the three instruments, with a total value of N301.02bn, indicating a subscription level of 207.6 per cent.

It said allotments were made on successful bids at 13.35 per cent for the five-year bond, 13.64 per cent for the 10-year bond and 14.12 per cent for the 30-year bonds.

The DMO said the allotments were consistent with secondary market yields and also represented a decline in the marginal rates when compared with those at the June 2019 FGN bond auction.

The statement read in part, “The total amount allotted for competitive bids was N86.82bn from the total subscription of N301.02bn. In addition, the sum of N58.20bn was allotted across the three tenors for non-competitive bids at the same rates with the competitive bids.

“Overall, the sum of N145.02bn was raised at the auction through both competitive and n

The DMO stated that the amount raised was to be utilised to part-finance the 2019 budget of the Federal Government.