The Federal Government of Nigeria listed two Federal Government of Nigeria (FGN) Savings Bonds on the Nigerian Stock Exchange (NSE) on March 24, 2020, according to the Exchange.
Therefore, dealing members are hereby notified that “the March 2021 Issue of the Federal Government of Nigeria (FGN) Savings Bonds were listed on The Nigerian Stock Exchange today, 24 March 2021,” the bourse stated.
MTN Nigeria Receives Approval to Raise Another Fund Via a Bond Issuance Programme
MTN Nigeria said it has received approval from the Nigerian Securities and Exchange Commission (SEC) to raise fund following the successful completion of its Series III and Series IV Commercial Papers of N73,508,254,000.
The telecoms giant said the company will issue a Series I, 7-Year Fixed Rate Bond under a debut N200 billion Bond Issuance Programme (“Bond Issuance Programme”).
It added that the Bond Issuance Programme further reinforces the Company’s strategy of diversifying its funding sources. A final decision on the launch of the Series I Bond will be taken imminently, subject to prevailing market conditions.
The telecommunications company raised a combined N73.508 billion in March to finance working capital and general corporate purposes.
“The CP Issuances were undertaken in line with the Company’s strategy to diversify its financing sources. In November 2020, MTN Nigeria obtained the approval of Financial Markets Dealers Quotations (FMDQ) Securities Exchange Plc to increase the Company’s CP programme from N100,000,000,000 to N200,000,000,000; following the very successful inaugura Series I and Series II CP Issuances in June 2020. The Company confirms that the Series I and Series II CP Issuances – of an aggregate value of N100,000,000,000 – have been redeemed,” MTN Nigeria stated in a statement signed by Uto Ukpanah, Company Secretary, MTN Nigeria.
FG Lists Supplementary FGN Bonds (March 2021) on NSE Last Week
Federal Government listed additional units of the Federal Government of Nigeria (FGN) Bonds issued in March 2021 on the Nigerian Stock Exchange (NSE) on Wednesday, 31 March 2021.
44,012,718 additional units of FGN at 16.2884 percent with March 2027 maturity were listed while another additional units of 86,291,852 FGN Bonds were issued at 12.5 percent with March 2035 maturity.
Finally, the FG listed 131,796,220 FGN Bonds at 9.80 percent with July 2024 maturity.
FG’s March Bonds Oversubscribed by N183.48bn, Says DMO
The Federal Government’s bonds for March worth N150bn which were auctioned on Wednesday were oversubscribed by N183.48bn, the Debt Management Office has disclosed.
The total subscription received from investors for the bonds was N333.48bn comprising of N65.25bn for 16.2884 per cent FGN March 2027 bonds; N110.19bn for 12.5 per cent FGN March 2035 bonds; and N158.04bn for 9.8 per cent FGN July 2045 bonds.
The auction result added that out of 82, 125 and 215 total bids for the tenures, 48, 88 and 176 were successful.
It stated that a total of N262.1bn was allotted, comprising of N44.01bn, N86.29bn and N131.80bn respectively.
The DMO stated, “Successful bids for the 16.2884 per cent FGN MAR 2027, 12.5 per cent FGN MAR 2035 & 9.8 per cent FGN JUL 2045 were allotted at the marginal rates of 10.5 per cent, 11.5 per cent and 12 per cent respectively.
“However, the original coupon rates of 16.2884 per cent for the 16.2884 per cent FGN March 2027, 12.5 per cent for the 12.5 per cent FGN March 2035 and 9.8 per cent for the 9.8 per cent FGN July 2045 will be maintained.”
The DMO had earlier disclosed that the Federal Government would offer N150bn bonds for subscription, comprising of three bonds worth N50bn each.
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