Nigeria's Debt Management Office ramps up high‑yield bond issuances

Nigeria’s Debt Management Office (DMO) sold a record 1.2 trillion‑naira government bond in June 2026, drawing subscriptions of 1.41 trillion naira and a bid‑to‑cover ratio of about 1.18×. The auction pushed yields higher, with the average bond yield rising 10 basis points week‑on‑week to 17.88%.

Following the June issuance, the DMO opened a July 2026 Savings Bond subscription offering a two‑year bond at 14.716% and a three‑year bond at 15.716% – the highest rates of the year. The offer runs from 6 to 10 July with a minimum investment of N5,000, targeting retail savers, cooperatives and high‑net‑worth investors as part of the government’s financing plan ahead of the 2027 election.