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DMO Auctions 4 FGN Bonds Valued at N360bn

December 5, 2023 • 2 min read

The Debt Management Office (DMO), on Tuesday announced the offer for subscription of four Federal Government of Nigeria (FGN) bonds valued at N360 billion through auction.

According to a statement issued by the DMO, the first offer was April, 2029 FGN bond valued at N90 billion, at interest rate of 14.55 per cent per annum (10-year re-opening).

The second offer was a June, 2033 FGN bond valued at N90 billion, at 14.70 per cent interest rate per annum (10-year re-opening).

There was also the June, 2038 FGN bond valued at N90 billion, at interest rate of 15.45 per cent per annum (15-year re-opening).

The fourth offer was a June 2053 FGN bond, also valued at N90 billion, at interest rate of 15.70 per cent per annum (30-year re-opening).

“Auction date is Dec.11 and settlement date is Dec. 13.

“They are offered at N1,000 per unit subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.

“For re-openings of previously issued bonds, 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,” the DMO said.

It said that interest on FGN bond was paid semi-annually while the bullet repayment was on the maturity date.

The DMO gave the assurance that FGN bonds, like all other FGN securities, were backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustees Investment Act.

“Qualify as government securities within the meaning of Company IncomeTax Act and Personal Income Tax Act for tax exemption for pension funds among others.

“They are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,” it said.