The Federal Government allotted N748.64bn to investors at its September 2026 bond auction, while total subscriptions stood at N1.49tn, reflecting a moderation in demand compared with the previous month.

The Debt Management Office disclosed this in its latest auction results circular released on Tuesday.

The September auction conducted by the DMO featured a new 10-year bond maturing in September 2036, alongside the reopening of the 15.45 per cent FGN June 2038 bond.

According to the circular, investors submitted bids worth N1.49tn, while the government allotted N748.64bn through the auction, in addition to N850bn issued through non-competitive allotments.

The September auction recorded N1.49tn in subscriptions, down from N1.73tn recorded across the three instruments offered in August, representing a 13.5 per cent month-on-month decline.

The amount allotted to investors also fell by 7 per cent, from N805.16bn in August to N748.64bn in September.

The September auction attracted 441 bids across the two instruments, with 204 bids emerging successful.

For the new 16.79 per cent FGN September 2036 bond, investors submitted bids worth N546.90bn against an offer of N400bn.

In September, the DMO introduced the new September 2036 bond with a 16.79 per cent coupon, while retaining the 15.45 per cent coupon on the reopened June 2038 bond.

The September auction followed strong demand at the DMO’s August bond auction, where investors submitted bids worth N1.73tn against an offer of N1.1tn.

The DMO subsequently allotted N1.56tn across the three instruments offered at the August 17 auction.