DMO reopens three FGN Bonds valued at N225 billion
The Debt Management Office (DMO) has re-opened three Federal Government of Nigeria (FGN) Bonds valued at N225 billion for subscription, for the month October.
According to a statement by the DMO, 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.
Opening date for the auction is Oct.17, while the settlement date is Oct.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.
It added 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 added.
They are listed on The Nigerian Stock Exchange Limited and FMDQ OTC Securities Exchange, and they 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.
The News Agency of Nigeria (NAN) reports that re-opening a bond means issuing additional amounts of a previously issued bond.
Re-opened bonds have the same maturity date and interest rate as the original bonds, but they are sold on different dates and usually at a different price.
According to the DMO, for re-opening of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid plus accrued interest on the instrument. (NAN)
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The Debt Management Office (DMO) has re-opened three Federal Government of Nigeria (FGN) Bonds valued at N225 billion for subscription, for the month October.
According to a statement by the DMO, 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.
Opening date for the auction is Oct.17, while the settlement date is Oct.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.
It added 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 added.
They are listed on The Nigerian Stock Exchange Limited and FMDQ OTC Securities Exchange, and they 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.
The News Agency of Nigeria (NAN) reports that re-opening a bond means issuing additional amounts of a previously issued bond.
Re-opened bonds have the same maturity date and interest rate as the original bonds, but they are sold on different dates and usually at a different price.
According to the DMO, for re-opening of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid plus accrued interest on the instrument. (NAN)
Among Nigeria’s numerous national challenges, which do you think the next president should focus on first?
— Premium Times (@PremiumTimesng) October 5, 2022
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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