DMO offers N225bn bonds for subscription

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DMOThe Nigerian Debt Management Office, DMO has offered three Federal Government Bonds, which are valued at N225 billion for subscription.

This disclosure is contained in a circular on the website of the DMO’s office.

The bonds include; 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 Debt office said the bonds opening date for the auction is slated for Oct.17 and the settlement date is Oct.19, with original tenors of 10 years, 10 years and 20 years

The office explained that “The bonds are offered at N1,000 per unit subject to a minimum subscription of N50 million , and in multiples of N1,000 thereafter.”

“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 qualified as assets for liquidity ratio calculation for banks, therefore, listed on NGX Limited and FMDQ OTC Securities Exchange.

“They are backed by the full faith and credit of the Federal Government and charged upon the general assets of the country,’’ it said.

DMO also noted that the successful bidders would pay a price corresponding to the yield-to-maturity bid, including accrued interest on the instrument and the re-opening of the previously issued bonds.

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