Dear All,
The Federal Government of Nigeria (FGN), through the Debt Management Office, will be conducting a primary market bond auction on Wednesday, 19 January 2022.
The government is seeking to raise between NGN140bn and NGN160bn via two (2) instruments. one of the issues (the Jan 2026 instrument) is a re-opening issue, while the other (the Jan 2042 instrument) is a new issue. Given our analysis of the current yield environment vis-à-vis our bond valuation models, we present below our advised bid rates;
12.50% FGN JAN 2026 11.45%-11.80%
FGN JAN 2042 12.85%-13.00%
