Nigeria’s Debt Management Office (DMO) will reopen two existing bonds worth a combined N1.2 trillion for subscription at its monthly auction scheduled for 22 June, as the government intensifies efforts to finance its domestic borrowing programme.
The debt agency plans to raise N1.2 trillion through the reissuance of 10-year and 20-year bonds, offering N600 billion in each instrument. Settlement is expected to take place on 24 June 2026.
The latest offer comes after a relatively weak outing in the previous month, as an inverted yield curve continued to influence investor sentiment in the fixed-income market.
An inverted yield curve occurs when investors earn higher returns from shorter-term debt instruments than from longer-dated securities, a development that typically signals cautious market expectations and changing risk preferences.
Ahead of the June auction, Nigeria’s bond market closed on a weaker note, with average yields rising by seven basis points to 16.89 per cent.
The most significant declines were recorded at the short end of the yield curve, particularly on the November 2029, July 2030 and February 2031 instruments. The increase in yields reflects a decline in bond prices as investors adjust their positions in anticipation of fresh supply.
The reopening of the bonds forms part of the Federal Government’s broader domestic borrowing strategy and comes at a time of elevated yields across Nigeria’s fixed-income market, presenting investors with opportunities to lock in relatively attractive returns.
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