March 27: FG To Auction N100 Billion Bonds

The Debt Management Office (DMO) disclosed that the Federal Government will auction by subscription N100 billion worth of bonds on March 27.

It was in a circular on its official website on Tuesday in Abuja, that the five-year re-opening bonds of N40 billion to mature in April 2023 was offered at 12.75%, also the seven-year re-opening bonds also of N40 billion to mature in March 2025 would be auctioned at 13.53%, It also added that the 10-year bonds also re-opening, of N20 billion which would be due in Feb. 2028, would be auctioned at 13.98%.

The DMO also reported that units of sale is N1,000 per unit, to a minimum subscription of N50 million and in multiples of N1,000 thereafter. Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit, although the DMO explained that the bonds are backed by the full faith and credit of the Nigerian Government, with interest payable semi-annually to bondholders, while bullet repayment will be made on maturity date.

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