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  • Business - Economy
  • Updated: 5 months ago

NGX Lists Two New FGN Savings Bonds

Two new Federal Government savings bonds have been listed on the trading platform of the Nigerian Exchange (NGX) Limited.

A disclosure from the NGX confirmed that the new papers, issued to investors in August 2021, were admitted on the exchange on Wednesday, August 18, 2021.

According to the notice, the amount issued under the 8.864 per cent FGNSB August 2023 was 204,965,000 at 204,965 units with a 2-year tenor and maturity date at August 11 2023.

Also, the amount issued under 9.864 per cent FGNSB August 2024 was 603,248,000 at 603,248 units with a 3-year tenure and maturity date at August 11 2024.

It was stated that the coupon payment for the issued FGN savings bond will be August 11, November 11, February 11 and May 11.

The FGN savings bond is an investment instrument targeted at retail investors with a minimum subscription of N5,000. It encourages savings and allows investors to earn more income compared to traditional savings accounts, with interest paid every quarter and the principal paid at maturity.

Recently, the Debt Management Office (DMO) announced that a total of 372 retail investors successfully purchased the FGN savings bonds for August 2021.

99 investors were allotted the 2-year debt instrument, while 228 investors bought the 3-year paper.

Results of the allotment indicated that a total of N205.0 million of the 2-year bond was sold during the exercise, while N683.3 million was allotted for the 3-year maturity, totalling N888.3 million.

 

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Oluwatosin Ogunjuyigbe
Oluwatosin Ogunjuyigbe

A seasoned business content writer, financial markets analyst, and tech enthusiast.

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