N145 Billion Worth of Bonds to be Auctioned July 24 – DMO

Top Stories
Typography

On Thursday, 18th July 2019, the Federal Government of Nigeria (FGN) through Debt Management Office (DMO) has offered for subscription by auction of N145 billion worth of bonds in its scheduled July 24, 2019 auction.
This offer was made known in a circular offer obtained from DMO's website stating that it would sell N40 billions of a five-year re-opening issue maturing in April 2023 at 12.75 per cent.

 

DMO would also sell N50 billion 10 years re-opening bond to mature in April 2029 at 14.55 per cent, and another N55 billion of 30 years re-opening at 14.80 per cent to mature in April 2049.

It was further revealed that DMO units of sale are N1, 000 per unit, subject to a minimum subscription of N50 million and in multiples of N1, 000 thereafter.

In furtherance to that, the DMO explained that the bonds are backed by the full faith and credit of the Nigerian Government, with interest payable semi-annually to bond-holders, while bullet repayment would be made on the maturity date.

It is also worth noting that, Nigeria issues sovereign bonds on a monthly basis to support the local bond market, create a benchmark for corporate issuance and fund its budgetary deficit.

BLOG COMMENTS POWERED BY DISQUS