DMO Savings Bond Sales Fall 17.4% to N5.06bn in November
By Aboki Forex —
The Debt Management Office allotted N5.06 billion to investors in its November Federal Government of Nigeria Savings Bond offer, down 17.4 per cent from N6.12 billion in October. Subscriptions fell across both investment tenors even as the DMO raised the interest rates on offer.
The November allotment comprised N746.01 million for the two-year bond and N4.31 billion for the three-year instrument, according to the DMO’s latest allotment results published on Thursday.
Offer details and rates
The offer opened between 2 and 6 November and was settled on 11 November. The annual interest rates were 13.25 per cent for the two-year bond and 14.25 per cent for the three-year bond.
The lower November proceeds came despite an increase in the rates offered on both instruments. The two-year bond rate rose to 13.25 per cent from 13.071 per cent in October. The three-year rate increased to 14.25 per cent from 14.071 per cent.
Interest on the bonds is paid quarterly on 11 February, 11 May, 11 August and 11 November. The two-year instrument will mature on 11 November 2028, while the three-year bond is due on 11 November 2029.
Subscriptions fall across tenors
The two-year November 2028 bond attracted 968 subscriptions, compared with 1,261 recorded for the October offer. Its allotment fell to N746.01 million from N1.02 billion.
The three-year November 2029 instrument received 2,390 subscriptions, down from 2,678 in October. The amount allotted declined to N4.31 billion from N5.11 billion.
November therefore recorded lower participation and allocations across both tenors. The three-year instrument still accounted for the bulk of the funds raised.
Nine-month allotments remain higher
Despite November’s decline, DMO savings bond allotments remained higher over the first nine months of 2026. The agency allotted N47.25 billion through the programme between January and September, an increase of 30.4 per cent from the N36.23 billion recorded in the corresponding period of 2025.
The savings bond programme provides retail investors with access to government debt, alongside the DMO’s larger Federal Government bond issuances.
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