FG Sukuk records 446% oversubscription


FG Sukuk records 446% oversubscription
Emma Ujah

The Federal Government’s third Sovereign Sukuk has recorded a 446 per cent subscription.

The Debt Management Office (DMO) announced, this evening, that it offered N150 billion to investors in the exercise.

It said that the offer attracted a very high level of subscription from investors who staked N669.124 billion.

The DMO said: “The impressive demand for the Sukuk came from a wide range of investors which included Ethical Funds, Insurance Companies, Fund Managers and Retail Investors amongst others.

“This participation by a wide range of investors is in line with the DMO’s objectives of diversifying the investor base for Government Securities and promoting financial inclusion.

“The issuance of the third Sovereign Sukuk, which followed the debut issuance of N100 billion in September 2017 and the second issuance of another N100 billion in December 2018, is based on the DMO’s commitment to using borrowed funds to finance infrastructure.

“The Sukuk…

Source: Vanguard Newspaper