Thursday, October 22, 2020

FG To Offer N30bn Bonds In October

The Debt Management Office has said that the Federal Government would auction N30bn worth of bonds by subscription on October 21.

A circular by the DMO on Thursday showed the breakdown of the figure to include a N15bn 15-year reopening bond that would mature in March 2035 to be offered at 12.5 per cent; and another N15bn 25-year reopening bond that would mature in July 2045 to be auctioned at 9.8 per cent.

According to the DMO, the settlement date for the bonds to be auctioned is October 23.

It would be recalled that the Federal Government’s bonds for the month of September worth N145bn were oversubscribed by N215.22bn.

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The total subscription received from investors for the bonds was N360.22bn, comprising N83.83bn for 12.5 per cent FGN January 2026 bonds; N71.4bn for 12.5 FGN March 2035 bonds; N41.06bn for 9.8 per cent FGN July 2045 bonds; and N163.93bn for 12.98 per cent FGN March 2050 bonds.

The auction results added that out of the 78, 71, 57, 104 total bids for the bonds, 50, 13, seven, and six bids were successful.

It stated that a total of N103.81bn bonds were allotted comprising of N66.97bn, 25.43bn, 6.81bn and N4.6bn respectively for the tenors.

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