Dipo Olowookere
By Dipo Olowookere
On Wednesday, September 27, 2017, the Debt Management Office, on behalf of Federal Government, will auction N135 billion worth of bonds at the local market.
A circular issued today (Tuesday) by the DMO said government would be offering N35 billion for the FGN JUL 2021 bond at 14.50 percent.
In addition, the debt office is offering N50 billion for the FGN MAR 2027 at 16.2884 percent, while N50 billion is also being offered for the FGN APR 2037 at 16.2499 percent.
However, the DMO said all offers are re-opening, and pointed out that for re-openings of previously issued bonds, (where the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument
The debt office said in the circular obtained by Business Post that application for subscription would be accepted from investors for N1,000 per unit subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter.
