FG offers N150 billion bonds on auction
The Debt Management Office (DMO) has issued two separate Federal Government of Nigeria (FGN) bonds for auction at N75 billion each.
The DMO in its website, on Friday announced that the bonds are N75 billion, 10-year re-opening FGN bonds at 12.5 per cent interest rate and another N75 billion, 20-year re-opening FGN bond at 13 per cent interest rate.
The bonds go for N1, 000 per unit with a minimum subscription of N50 million and in multiples of N1, 000 afterwards.
Auction date for the bonds is February 16, while the settlement date is February 22.
“For re-opening 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 explained.
It stated that interest on the bonds would be payable “semi-annually ” while “bullet payments would be made on maturity date.
The DMO assured that the bonds qualify as securities in which trustees can invest under the Trustee Investment Act.
“They qualify as government securities within the meaning of the Company Income Tax Act.
and Personal Income Tax Act for Tax Exemption for Pension Funds, among other investors.
“They are listed on the Nigerian Stock Exchange and qualify as a liquid asset for liquidity ratio calculation for banks.”
It added that the bonds are backed by the full faith and credit of the Federal Government and charged upon the general assets of the country.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
NNPCL, SNEPCo, Esso, Agip seal deepwater Bonga deal, target $21 billion investment
NNPCL and the OML 118 contractor parties have executed the addendum to the OML 118 Production Sharing Contract and the addendum to the Dispute Settlement Agreement.
Economy
AiNET, CEO settle with U.S. SEC over submitting claims for data centre services
The U.S. alleged that the AiNET data centre failed to comply with Tier III standards and that AiNET and Mr Jain falsely certified to the SEC that it was Tier IV.
Faith
BPP felicitates Tinubu, Muslim faithful on Eid-ul-Mawlid
Mr Adedokun, in a goodwill message on Tuesday, extended warm greetings to Mr Tinubu, praying that the prophet’s virtues would continue to inspire the president’s leadership.
World
UK vows to keep backing Ukraine war efforts amid Russia’s threats
The United Kingdom, on Monday, pledged continued support for Ukraine amid threats from Russia.
Anti-Corruption
Philips engineer convicted for stealing trade secrets for Chinese competitor Kunshan GuoLi
A federal jury in Chicago convicted a former engineer at Philips Medical Systems of conspiring to steal Philips’ trade secrets and bring them to a Chinese competitor.
Economy
Tetra Tech to pay $57 million over falsifying soil test results at Hunters Point Naval Shipyard
The complaint further alleged that Tetra Tech intentionally manipulated scan results in its database, falsely representing scans taken at different locations.
