Federal Government's N150 Billion Bond Auction Set For November 17

The Federal Government of Nigeria through the Debt Management Office (DMO) has offered a N150 billion bond for subscription in November.

According to the DMO, through a circular issued on its official website https://www.dmo.gov.ng/fgn-bonds/ said that the bonds are to be split in three.

The first is a 10-year N50 billion re-opening bond with a 12.50% coupon yield set to mature in January 2026.

The second class of bond is a 20 year N50 billion re-opening bond with a coupon yield of 16.2499% set to mature in April 2037 and finally a 30-year N50 billion re-opening bond with a 12.98% coupon yield set to mature in March 2050.

The auction date according to the DMO is set for Wednesday, November 17, 2021, with the settlement date scheduled to take place on Friday, November 19, 2021.

The sales unit will be N1,000 per unit subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter.

The DMO stated that this bond qualifies as securities in which trustees can invest under The Trustees Investment Act.

The general investing public is hereby advised to subscribe for any of these FGN Bonds on the Nigerian Stock Exchange and the FMDQ OTC Securities Exchange the circular said.