Finance & EconomyNews

Subscription at the NTB Primary Auction Market Take a Knock

At the NTB primary auction on Wednesday, the DMO sold N34.83 billion worth of notes lower than the N190.88 billion offered. The auction was undersubscribed, with the bid-to-cover ratio rising significantly to 3.21x from 1.3x at the last auction as investors sought higher interest rates to lessen the diminishing real return. The rates on the 91-day, 182-day, and 364-day notes were allotted at 6.47%, 7.90%, and 13.00% compared to 6.69%, 7.50%, and 12.00% at the last auction. Analysts believe the raised rate should spur some buying interest in today’s trading session (see table 1 below). 

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