DMO records N324.43bn treasury bills sales in May

By Cynthia Ezekwe

The Debt Management Office (DMO) sold Treasury Bills (T.bills) valued at N324.43 billion across its auctions in May 2023.

This was disclosed in the  FMDQ markets monthly report for May, which showed that  the amount represents a 15.41 per cent or  N43.33 billion  Month on Month (MoM) increase on the value of T-bills sold across its auctions in April 2023, valued at N281.10 billion.

The report noted that the DMO re-opened two 10Y, one 20Y, and one 30Y FGN Bonds worth N545.26 billion in May 2023. It also showed that total sale represented a 151.46 per cent oversubscription of the amount offered, and a 1.30 per cent or N7.21 billion MoM decrease on the N552.26 billion sold in April 2023 for the same FGN Bond maturities.

According to FMDQ,the CBN did not auction OMO Bills in the primary market for the fifth consecutive month in May 2023.

The report disclosed that the total value of corporate bonds listed on the FMDQ Exchange in May 2023 was valued at N31.00 billion compared to the previous month which witnessed no listings.

It further pointed out that the total value of Commercial Papers (CPs) quoted on the FMDQ Exchange in May 2023 was N163.77 billion, representing an MoM increase of 43.32 per cent, which is N49.50 billion from the value of CPs quoted in April 2023.

The report also noted that  secondary market turnover on FMDQ Exchange in May 2023 was N15.78 trillion, representing an MoM and YoY increase of 25.67 per  cent, accounting to 3.22 trillion,  and 2.53 per cent, from April 2023 and May 2022 figures, respectively, adding that  foreign Exchange (FX), Money Market (MM), and CBN Bills transactions dominated secondary market activity in May 2023, accounting for 80.25 per cent of the total secondary market turnover.