The Debt Administration Workplace (DMO) has concluded its Nigerian Treasury Payments (NT-Payments) public sale for December 3, 2025, elevating a complete of N709.621 billion throughout the three tenors on provide, with the 364-day invoice rising because the investor favorite.
The public sale, performed on Wednesday, featured the sale of 91-day, 182-day, and 364-day Treasury Payments, with a complete provide of N700 billion.
- N100 billion for 91-day.
- N150 billion for 182-day.
- N450 billion for 364-day.
The 91-day and 182-day payments have been undersubscribed, with complete subscriptions of N44.17 billion and N33.38 billion, respectively, resulting in allotments of N42.80 billion for the 91-day and N30.36 billion for the 182-day paper.
Nonetheless, the strongest demand was focused on the 364-day maturity, which attracted a considerable N697.29 billion in subscriptions towards a proposal of N450 billion.
The DMO allotted N636.46 billion to make up for the undersubscriptions, accounting for almost 90% of complete public sale proceeds.
Particulars of the T-Payments Public sale Outcomes
Complete allotment (all tenors): N709,621,595,000
- 364-day allotment: N636,460,307,000 (89.7% of complete allotment).
- 364-day provide vs subscription: Provided N450,000,000,000; subscribed N697,290,308,000 (155% of provide).
- 364-day allotment vs subscription: N636,460,307,000 — about 91.3% of bids have been crammed.
- Cease / coupon (364-day): 17.50% (up from 16.04% within the earlier public sale; up +1.46%).
Complete allotment (91-day): N42,804,311,000
- 91-day provide vs subscription: Provided N100,000,000,000; subscribed N44,172,314,000 (44.2% of provide)
- 91-day allotment vs subscription: N42,804,311,000 — about 96.9% of bids have been crammed
- Cease / coupon (91-day): 15.30% (unchanged from earlier public sale)
Complete allotment (182-day): N30,356,977,000
- 82-day provide vs subscription: Provided N150,000,000,000; subscribed N33,376,977,000 (22.3% of provide)
- 182-day allotment vs subscription: N30,356,977,000 — about 90.9% of bids have been crammed
- high / coupon (182-day): 15.50% (unchanged from earlier public sale)
What the numbers present
The 1-year tenor additionally recorded probably the most important value motion.
Its cease charge climbed to 17.50%, up from 16.04% on the earlier public sale, representing a 1.46% improve.
This suggests a real yield of about 21.21%, based on Dr. Ayodeji Ebo, CEO of Optimus by Afrinvest, which positions the 364-day invoice as one of the crucial engaging risk-free investments at present accessible out there.
Throughout the shorter tenors, charges have been unchanged, with the 91-day and 182-day payments clearing at 15.30% and 15.50% respectively.
“With gross yields on the 1-year paper now above 21%—and even after the necessary 10% withholding tax, nonetheless close to 19%—fixed-income buyers have a uncommon alternative to lock in elevated risk-free returns because the yr attracts to an in depth,” the funding analyst acknowledged on his official X deal with.
Context for portfolio selections
For fixed-income buyers looking for safe returns, the 364-day invoice provided a uncommon mixture of deep demand (oversubscription), massive allotment capability, and really excessive efficient yields.
That makes it engaging for individuals who can lock capital for a yr when in contrast to company paper or different devices.
Conversely, buyers prioritizing liquidity or decrease length threat would possibly want the 91-day and 182-day papers, however these tenors noticed decrease cease charges of 15.30% and 15.50% respectively
