Federal Government Sells N60billion Bonds at Lesser Yields

The Debt Management Office reported on 14th of May 2015 that the Federal Government sold bonds value N60bn at lesser yields on all tenors at an auction on Wednesday.
The debt office disclosed that investors submitted total bid of N183.34bn compared with N184.72bn at the previous auction.
Reuters says that the lower yields reflected the trend in the secondary market, which remains below 14% following a quick rise after the general elections in March.
The five-year, ten-year and twenty-year tenors each got a sum of N20bn, the debt office reported.
The five-year paper was sold at 13.84%, lower than 14.44% the debt attracted at the last month’s auction.
The 10-year bond got a yield of 13.48% against 14.22% last month, while the 20-year debt attracted a yield of 13.88% compared with 14.45% last month.