By Modupe Gbadeyanka
Subscription for the September 2017 Federal Government of Nigeria Savings Bond has commenced today, Monday, September 11, 2017.
Business Post gathered that the bond subscription period will run from 8am today till 12 noon on Friday, September 15, 2017.
Our correspondent further gathered that for the September edition, federal government will offer two different tenors (2 and 3 years); at different interest rates while other features of the bond remains the same.
However, investors can decide to invest in one of the tenors or both tenors at the same time.
But the 2-year and 3-year FGNSB are due September 20, 2019 and September 20, 2020 respectively and coupon will be paid quarterly while the principal will be paid at maturity.
Bond holders will have their holdings credited into their CSCS Account. (In the event a customer purchases the bond but does not have a CSCS account or inputs a wrong account number on the form, his/her holdings will be credited into an account domiciled with the CSCS till the account is opened or the mistake is rectified.
Investors can subscribe for the bond with a minimum of N5,000 plus multiples of N1,000 and maximum of N50 million and the bond will be listed and tradeable on the Nigerian Stock Exchange (NSE).
Investors are advised to subscribe through stockbroking firms accredited by the Debt Management Office (DMO) to act as distribution agents.
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