DMO Offers N800bn in FGN Bonds for Subscription
The Debt Management Office has announced the offer of three Federal Government of Nigeria bonds valued at N800 billion for public subscription, with each unit priced at N1,000. In a statement issued on February 17, the DMO said the offer includes a N400 billion bond with a 17.95 percent annual coupon, maturing in June 2032. This is a reopening of a previously issued seven-year bond. Also on offer is a N300 billion bond at 19.89 percent interest, due in May 2034, alongside a N100 billion bond carrying a 19 percent coupon rate and maturing in February 2034. Both are reopenings of existing 10-year instruments. “Units of sale is N1,000 per unit subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter,” the DMO stated. The agency explained that successful bidders for reopened bonds will pay a price based on the yield-to-maturity that clears the auction volume, in addition to any accrued interest. Interest payments will be made semi-annually, while the principal...
