How Nigeria’s two- and three-year savings bond allotments compared

The August gap was about ₦3.23 billion

The 2029 maturity had ₦4,545.259 million allotted, against ₦1,318.623 million for the 2028 maturity. The DMO received 2,882 subscriptions for the longer bond and 1,295 for the shorter. Source 7

February shows why amounts and subscriptions are different

The DMO allotted ₦4,397.701 million for the three-year issue and ₦1,514.851 million for the two-year issue. It received 2,195 and 2,631 subscriptions, respectively. The longer tenor recorded more money allotted even with fewer subscriptions received. Source 3

The coupon difference was one percentage point

The March two-year and three-year coupons were 12.906% and 13.906%, compared with 14.396% and 15.396% in January. The annual rates differed by one percentage point within each selected issue even as the levels changed across issues. Source 2 Source 4 Source 5 Source 6 Source 7

Settlement and coupon payments are distinct

The August securities settled on 12 August 2026 and mature on 12 August 2028 and 2029, respectively. The DMO lists four coupon dates a year for each series. These historical allotment notices show the issue terms, without giving a later resale yield or the number of unique investors. Source 7 Source 1

How Nigeria’s two- and three-year savings bond allotments compared

Two years

Three years

The August gap was about ₦3.23 billion

February shows why amounts and subscriptions are different

The coupon difference was one percentage point

Settlement and coupon payments are distinct

Sources