The Federal Government is planning to raise N700bn from the domestic bond market in April 2026, according to the April 2026 Bond Offer Circular issued by the Debt Management Office (DMO) on Wednesday.
The auction scheduled for April 27, with settlement on April 29, will feature the re-opening of existing instruments across three maturities.
Offer comprises N300bn of the 17.945 per cent FGN August 2030 bond, N100bn of the 17.95 per cent FGN June 2032 bond, and N300bn of the 22.60 per cent FGN January 2035 bond.
In March, the government offered a total of N750bn, comprising N250bn in a five-year bond, N200bn in a seven-year bond, and N300bn in a 10-year bond.
The April bonds will be issued in units of N1,000, with a minimum subscription of N50.001m, targeting institutional investors such as pension funds, banks, and asset managers.
The offer has declined steadily from N900bn in January to N800bn in February, N750bn in March, and now N700bn in April.
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The latest adjustment reduces the overall size by N50bn.
While the latest offer also alters the distribution across maturities, with the seven-year component cut significantly, the coupon structure for the issuance further highlights the prevailing high-yield environment.
The five-year and seven-year instruments carry rates of about 17.945 per cent and 17.95 per cent, respectively; the 10-year bond is priced significantly higher at 22.60 per cent.
