DMO Raises N1.2bn As March Savings Bond Offer Opens

The Debt Management Office(DMO) realised N1.2billion from the February Savings Bond offer even as it has opened the March offer of the Federal Government Savings bond.

According to the offer document released yesterday by the debt office, the two year bond, which will be due on March 15, 2025 is being offered at 9.465 per cent per annum, while the 3-year paper is being raised at 10.465 per cent.

The offer for the Savings Bond, which is targeted at retail investors with a minimum of N5,000 opened on yesterday, March 6 and will close on Friday, March 10 with allotment scheduled for March 15, 2023.

Coupon rate for the March auction is lower than what was offered at the February Savings Bond sale.

Last month, the DMO had offered the 2-year bond at 10.043 per cent while the 3-year bond was offered at 11.043 per cent.

At the end of February’s auction, the DMO had raised N1.27 billion from the Savings Bond sales. It had raised N948.849 million from the 3-year paper through 402 successful subscriptions while N322.301 million had been raised from the 2-year paper in 375 subscriptions.