NTB Public sale attracts N4.28trn subscription at decrease charge for 364-day tenor

Nigeria’s Treasury payments market recorded N4.28 trillion in subscriptions on the Wednesday, February 18, 2026, public sale, greater than triple the N1.15 trillion provided.

The public sale outcomes launched by the Central Bank of Nigeria (CBN) present that demand was overwhelmingly focused on the 364-day instrument, reflecting investor choice for locking in longer-term sovereign yields amid expectations of charge moderation.

Regardless of the heavy demand, complete allotments got here in at N1.91 trillion, highlighting selective acceptance by financial authorities as a part of ongoing yield administration.

What the information is saying

Nigeria’s Treasury payments public sale revealed extraordinarily sturdy system liquidity, with complete subscriptions of N4.28 trillion far exceeding the N1.15 trillion on supply.

Buyers’ urge for food was overwhelmingly concentrated within the 364-day instrument, suggesting investor choice for longer-term devices to lock in yield.

• Whole subscriptions stood at N4.28 trillion throughout all tenors, representing an oversubscription of about 3.7 instances the supply.
• Whole allotment amounted to N1.91 trillion, indicating selective acceptance regardless of heavy demand.
• The 364-day invoice alone attracted N4.07 trillion in subscriptions, accounting for roughly 95 per cent of complete demand.
• The 91-day and 182-day devices recorded subscriptions of N112.01 billion and N93.75 billion respectively, each beneath their gives.

The 91-day invoice, which had a suggestion dimension of N150 billion, was under-subscribed at N112.01 billion, with N105.05 billion allotted at a cease charge of 15.80%.

Equally, the 182-day invoice recorded N93.75 billion in subscriptions in opposition to a N200 billion supply, with N93.41 billion allotted at a cease charge of 16.65%.

Against this, the 364-day invoice, provided at N800 billion, noticed an awesome demand of N4.07 trillion. The financial authorities allotted N1.71 trillion at a cease charge of 15.90%.

Extra insights

Buyers concentrated bids on the 364-day invoice regardless of indicators of yield moderation, reflecting urge for food for longer-duration devices.

The 364-day paper cleared at 15.90%, marginally above the 91-day cease charge of 15.80% however beneath the 182-day charge of 16.65%.

• The yield configuration suggests buyers had been prepared to simply accept barely decrease returns on longer maturity in alternate for reinvestment certainty.

What you must know

Nigeria’s newest NTB public sale displays continued extra liquidity within the fixed-income market, with demand hitting N4.28 trillion in opposition to a suggestion of N1.15 trillion. This marks one other sturdy outing for presidency securities in February.

• A February 4 NTB public sale recorded N4.59 trillion in subscriptions in opposition to the identical N1.15 trillion supply.
• The 364-day tenor equally captured the majority of bids in that public sale.
• Selective allotments enabled authorities to reasonable long-term cease charges.
• Buyers proceed to favor longer-dated payments amid expectations of medium-term charge moderation.

The pattern reinforces Treasury payments’ function as a core asset class for institutional portfolios, significantly as cash market alternate options supply comparatively decrease yields and as buyers place for potential shifts in financial coverage course.