N60bn Worth of Bonds Up for Subscription on April 22

The Debt Management Office (DMO) says N60 billion worth of Federal Government bonds will be up for a subscription on April 22.

The DMO said in a circular on its website on Wednesday in Abuja, that the five-year re-opening bonds of N20 billion to mature in April 2023 was offered at 12.75 per cent.

It said that the 15-year re-opening bonds also of N20 billion to mature in March 2035 would be auctioned at 12.50 per cent.

It added that the N20 billion 30-year bonds, to be due in April 2050, would be auctioned at 12.98 per cent.

According to the DMO, units of sale is N1,000 per unit, subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.

The DMO explained that the bonds are backed by the full faith and credit of the Nigerian Government, with interest payable semi-annually to bondholders, while bullet repayment will be made on the maturity date.

The News Agency of Nigeria (NAN) reports that the Federal Government issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.