Banking & Finance Economy

N150bn worth of bonds up for subscription June 17- DMO

N150bn worth of bonds up for subscription June 17- DMO
Written by Maritime First

The Debt Management Office (DMO) says N150 billion worth of Federal Government bonds will be up for subscription on June 17.

The DMO said in a circular on its 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 percent.

It said that the 15-year re-opening bonds of N50 billion to mature in March 2035 would be auctioned at 12.50 percent.

It added that the N60 billion 30-year bonds, to be due in March 2050, would be auctioned at 12.98 percent.

According to the DMO, units of sale is N1,000 per unit, subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.

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

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.


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