Home General News DMO - FG to Auction N115bn Bonds.

DMO – FG to Auction N115bn Bonds.

The Debt Management Office said the Federal Government will auction N115bn worth of bonds on November 21.

In a circular by the DMO, the breakdown of the figure exposed that N35bn five-year reviving bond to mature in April 2023 would be offered at 12.75 percent; another N35bn seven-year reviving bond to mature in March 2025 would be auctioned at 13.53 percent; while N45bn 10-year bonds to mature in February 2028, would be auctioned at 13.98 percent.

The DMO said, “The units of sale would be N1, 000 per unit issue to a minimum subscription of N50, 001,000 and in multiples of N1, 000.”

On the securities, it added that the FGN bonds were backed by the full faith and were charged upon the general assets of Nigeria.

The DMO had earlier, said that the FGN bond auctions which were led by DMO on September 26, 2018, and the August 2018 auction were oversubscribed.

Total subscriptions received from buyers for three bonds offered: five-year, seven-year and 10-year were in surplus of N158bn, against the N90bn offered.

Request at the auction was focused on the 10-year bond which was 313 percent subscribed.

Allotments were made to successful buyers at 15.00 percent for the five-year, 15.15 percent for the seven-year and 15.2459 per cent for the 10-year bond.

Which are steady with the rates in the secondary market for the bonds offered at the auction.”

The DMO added that a total of N96.74bn was selected to buyers at the auction and the proceeds would provide additional financing for the execution of the 2018 Appropriation Act.

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Arierhi Odjirighohttps://360aproko.com/
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