The Federal Government on Wednesday allotted N116.99 billion worth of bonds to 109 successful bidders in its January auction, the Debt Management Office said.
In the auction results obtained from its website in Abuja, the agency stated that three bonds in tenors of five years, seven years and 10 years were offered at the auction.
The Federal Government had initially offered N150 billion to investors.
The agency said that allotments were made to the successful bidders at 12.75 per cent for the five-year bond, 13.53 per cent for the seven-year bond and 13.58 per cent for the 10-year bond.
Giving a breakdown, it stated that for the five-year bond, N50 billion was offered, N16.57 billion was subscribed, while N5.85 billion was allotted.
It also said that for the seven-year paper, N50 billion was offered, N31.25 billion was subscribed but N20.10 billion was allotted.
For the 10-year paper which investors showed strong preference for, N50 billion was also offered, while N149.27 billion was subscribed but N91.04 billion was allotted.
Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.