Tuesday, September 26, 2023

DMO reopens three N225 billion-FGN bonds at N1,000 per unit 

The Debt Management Office (DMO) has reopened three federal government bonds valued at N225 billion for subscription for October.

• October 12, 2022
DMO and Stash of cash

The Debt Management Office (DMO) has reopened three federal government bonds valued at N225 billion for subscription for October.

A statement by the DMO said the bonds are a 14.55 per cent April 2029 FGN bond, a 12.50 per cent April 2032 FGN bond and a 16.24 per cent April 2037 FGN bond.

The bonds have original tenors of 10 years, 10 years and 20 years, respectively. 

The opening date for the auction is October 17, while the settlement date is October 19.

“The bonds are offered at N1,000 per unit, subject to a minimum subscription of N50 million, and in multiples of N1,000 thereafter. Interest is payable semi-annually while the bullet payment is made on maturity,” the DMO said, adding that they qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act; and for Tax Exemption for Pension Funds Administrators, among other investors,” the DMO stated.

They are listed on the Nigerian Stock Exchange Limited and FMDQ OTC Securities Exchange and qualify as assets for liquidity ratio calculation for banks.

“They are backed by the full faith and credit of the Federal Government and charged upon the general assets of the country,” it said.

Reopening a bond means issuing additional amounts of a previously issued bond.

Reopened bonds have the same maturity date and interest rate as the original bonds, but they are sold on different dates and usually at different prices.

According to the DMO, for the reopening of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid plus accrued interest on the instrument. 


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