N100 billion worth of bonds up for subscription on May 22 – DMO

Patience Oniha
DG, DMO, Patience Oniha (Photo credit: The Economy)

The Debt Management Office (DMO) says N100 billion worth of federal government bonds will be up for subscription on May 22.

The DMO said in a circular on its website on Tuesday in Abuja that the five-year re-opening bonds of N35 billion to mature in April 2023, was offered at 12.75 per cent.

It said the 10-year re-opening bonds also of N35 billion to mature in April 2029 would be auctioned at 14.55 per cent.

The website said the N30 billion 30-year bonds, introduced in April, which would be due in April 2049, would be auctioned at 14.80 per cent.

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.

The DMO explained 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.

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

(NAN)

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