FG issues subscription for N225bn bonds

The federal government through the Debt Management Office (DMO) has called for application for N225bn bond.

DMO said auction for the bond which are in three categories and valued at N75bn each would begin on 17 October.

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‘Offers for Subscription by Auction and is authorized to receive applications for N75,000,000,000, 14.55 per cent due April 2029 (10 years Re-opening), N75,000,000,000, 12.50 per cent due 2032 (10 years Re-opening) and N75,000,000,000, 16.2499 per cent due April 2037 (20 years Re-opening)”

It stated that settlement date is on 19 October, 2022 with unit sale of N1,000 per unit subject to a minimum subscription of 450,001,000 and in multiples of 1,000 thereafter.

While stating that interest is payable semi-annually, “re-openings of previously issued bonds, (where the coupon is already set), 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.

It said there would be bullet repayment on the maturity date and  they are backed by the full faith and credit of the Federal Government of Nigeria and are charged upon the general assets of Nigeria.

(Daily Trust)