Nigeria’s Debt Management Office (DMO) is offering for auction four N360 billion Federal Government of Nigeria (FGN) Bonds for subscription.
The first offer is a February 2028 FGN Bond valued at N90 billion (10-year re-opening), at an interest rate of 13.98 per cent per annum.
The second offer is the April 2032 FGN Bond valued at N90 billion (15-year re-opening), at an interest rate of 12.50 per cent per annum.
There is also the April 2037 FGN Bond valued at N90 billion (20-year re-opening), at the rate.16.2499 per cent per annum.
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The fourth offer is the April 2049 FGN Bond valued at N90 billion (30-year reopening), at an interest rate of 14.80 per cent per annum.
According to the DMO, the Bonds are offered at N1,000 per unit with a minimum subscription of N50 million, and in multiples of N1,000 thereafter.
“For re-openings 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.
“Interest payment is done semi-annually while the bullet repayment (principal sum) is done on the maturity date,” the DMO said.
The bonds, said DMO were backed by the full faith and credit of the Federal Government of Nigeria, and were charged upon the general assets of Nigeria.