DMO raises N5.06bn in November savings bonds—rates up, subscriptions down

DMO raises N5.06 billion through November FGN Savings Bonds—down 17.4% from October's N6.12 billion. The offer, which ran November 2-6 and settled November 11, split between N746 million for the two-year bond at 13.25% and N4.31 billion for the three-year at 14.25%. Both rates climbed from October's 13.071% and 14.071% respectively.

Investor appetite cooled: subscriptions dropped to 968 for the two-year (from 1,261) and 2,390 for the three-year (from 2,678). Yet the bigger picture shows strength—DMO allotted N47.25 billion in the first nine months of 2026, a 30% jump over the same period last year.

The bonds mature November 11, 2028 (two-year) and November 11, 2029 (three-year), with quarterly interest payments on February 11, May 11, August 11, and November 11. This retail programme sits alongside DMO's larger wholesale auctions, including a roughly N4 trillion FGN bond plan for Q3 2026.

With rates rising but subscriptions falling, is this a signal to lock in higher yields now, or does the dip in retail participation suggest caution ahead of the next offer?

SOURCE: https://nairametrics.com/2026/11/12/dmo-raises-n5-06-billion-from-november-savings-bonds-down-17-4/