Nigerian Government to auction N150bn bond on Jan 30

Jan 25, 2019
The Federal Government is set to auction N150 billion worth of bonds on January 30, the Debt Management Office (DMO) has said.
 
The DMO, in a circular published on its website, disclosed that the five-year re-opening bonds of N50 billion to mature in April 2023 would be offered at 12.75 per cent, while the seven-year re-opening bonds also of N50 billion to mature in March 2025 would be auctioned at 13.53 per cent.
 
The 10-year bonds of N50 billion, which would be due in February 2028, would however be auctioned at 13.98 per cent.
 
The DMO further stated that the bonds will be sold at N1,000 per unit, subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter, adding that the bonds were backed by the full faith and credit of the Nigerian Government, with interest payable semi-annually to bondholders, while bullet repayment would be made on maturity date.
 
The DMO issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund the nation’s budget deficit
 
 
Source: The Ripples
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