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DMO Targets N240bn From Savings Bonds Offer, Raises Interest Rates

by Bukola Idowu
3 years ago
in Business
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The Debt Management Office (DMO) has said it plans to raise between N210 billion and N240 billion this month through the issuance of Federal Government of Nigeria (FGN) bonds as it opened the offer for subscription of the FGN Savings Bond for the month.

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In the offer document for the savings bond, the DMO said it will be issuing the 2-Year FGN Savings bond at 11.041 per cent while the 3-Year FGN Savings Bond will be issued at 12.041 per cent. This is higher than 9.413 and 10.413 per cent that it issued the 2-year and 3-year paper at the August auction.

The offer which opened on Monday, September 5, 2022 will close on Friday, September 9 while settlement will be on Wednesday September 14, 2022. The offer is subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

Meanwhile it said it will be raising up to N240 billion through the FGN Bonds at an auction that is billed for September 19, 2022. According to the revised bond issuance calendar for the third quarter of the year, there will be reopenings of three FGN Bonds.

The revised calendar which was released yesterday showed that the DMO plans to raise between N70 billion to N80 billion each from the three bonds. The bonds to be issued at the auction include the 13.53 per cent FGN MAR 2025 7-year paper which has two years to maturity.

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Also, the 12.50 per cent FGN APR 2032 10-year bond with a nine year time to maturity and 16.2499 per cent FGN APR 2037 20-year paper with a 14 year time to maturity will be auctioned on September 19, 2022.

 

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