DMO sells 1.18tn T-bills in 30-days

The Debt Management Office, DMO, sold treasury bills valued at N1.18 trillion across its auctions in December 2023.

DMO disclosed this in a recent statement on Tuesday.

According to the DMO, the N1.18 billion figure T-bills sold represented an 11.9 per cent (N126.06 billion) month-on-month (MoM) increase on the value of T-bills sold across its auctions in November 2023 (N1.059 trillion).

Similarly, the DMO sold FGN Bonds worth N273.63 billion via reopening two 10-year, one 15Y, and one 30-year FGN bonds in December 2023.

The total sale represents a 23.9 per cent under-subscription of the amount offered and a 37.02 per cent (N160.87 billion) MoM decrease on the amount sold in November 2023 (N434.5 billion) for the same FGN bond maturities.

In December 2023, the CBN sold OMO Bills worth N100.8 billion, representing a 30.57 per cent (N23.6 billion) MoM increase on the value of OMO Bills sold across its auctions in November 2023 (N77.2 billion).

There were no new listings of non-sovereign bonds on the FMDQ Exchange in December 2023, compared to new non-sovereign bond listings worth N26 billion in November 2023.

However, corporate bonds worth N35.1 billion matured and were redeemed, resulting in a 1.57 per cent (N35.1 billion) MoM decrease in the value of non-sovereign bonds outstanding from N2,239.11 billion in November 2023 to N2,204.01 billion in December 2023.

Also, the total value of Commercial Papers quoted on the FMDQ Exchange in December 2023 was N246.33 billion, representing a MoM increase of 218.3 per cent (N168.93 billion) from the value of CPs quoted in November 2023.

Institutions issued quoted CPs from various sectors, including financial services manufacturing, telecom, agriculture, real estate, commodities trading, retail, equipment leasing, logistics, and transportation.

As a result, the total outstanding value for CPs increased MoM by 1.85 per cent (N14.9 billion) to N821.25 billion in December 2023.

Total turnover in the FX derivatives market segment in December 2023 was $6.47 billion (N5.76 trillion), representing a MoM increase of 82.25 per cent ($2.92 billion) from the November 2023 figures.

The MoM increase in the FX derivatives turnover was jointly driven by the 82.84 per cent ($2.8 billion), 41.18 per cent ($0.07 billion) and $0.05 billion increase in FX swaps, FX Forwards and FX Futures transactions, respectively.