FGN’s N150 Billion Bonds to Open for Subscription Next Week

The Debt Manage Office (DMO) on Tuesday announced that the Federal Government of Nigeria will offer N150 billion bonds for subscription on August 19, 2020.

According to the statement issued by the DMO, the Federal Government will offer N25,000,000,000 at 12.50 percent for bonds maturing in Jan 2026.

For bonds maturing in March 2035, the Federal Government will offer N40,000,000,000 bond at 12.50 percent.

Similarly, a total of N45,000,000,000 bond with July 2045 maturity will be on offer at 9.80 percent interest rate while another N40,000,000,000 bond with 12.98 percent interest and March 2050 maturity will also be on offer.

On interest rate, the DMO said “For Re-openings of previously issued bonds, (where the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument.”

On the unit of sales “N1,000 per unit subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter.”