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FG to auction N150bn bonds on Sept. 25 — DMO

The Federal Government has offered for subscription by auction N150 billion worth of bonds in its  Sept. 25 auction, the Debt Management Office (DMO) said.

DMO-debt management office

The offer circular obtained from its website on Tuesday in Abuja, stated that it would sell N45 billion of a five year re-opening issue maturing in April 2023 at 12.75 per cent.

It would also sell N50 billion 10 year re-opening bond to mature in April 2029 at 14.55 per cent, and another N55 billion 30 year re-opening at 14.80 per cent to mature in April 2049.

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

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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 would be made on maturity date.

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit. (NAN).

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