Finance

DMO re-opens 3 federal bonds

DMO raises N1.2bn as March savings bond offer opens

The Debt Management Office (DMO) has re-opened three Federal Government of Nigeria (FGN) Bonds valued at N225billion for subscription for the month of 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.

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The bonds have original tenors of 10 years, 10 years and 20 years, respectively.

The opening date for the auction is October 17, while the settlement date is October 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.

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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 the Company Income Tax Act and Personal Income Tax Act and for tax exemption for pension fund administrators, among other investors,” the DMO added.

They are listed on the Nigerian Stock Exchange Limited and the FMDQ OTC Securities Exchange, and they qualify as assets for liquidity ratio calculation for banks.

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

NAN

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