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Home Business News

FG continues fund raise with N135 billion bond issue next week

Onome Ohwovoriole by Onome Ohwovoriole
September 20, 2017
in Business News
FG continues fund raise with N135 billion bond issue next week
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The Federal Government is to raise N135 billion in bonds during an auction billed to hold next week. This was disclosed in a circular issued yesterday by the Debt Management Office (DMO). N35 bilion 5 year bonds will be issued at a rate of 14.5%. N50 billion worth of 10 year bonds will be issued at 16.2884%. N50 billion worth of 20 year bonds will be issued at 16.2499%. The bonds are reopening of previous issues.

In a bond  reopening,  additional amounts of a previously issued bond. Reopened bonds have the same maturity date and interest rate as the original bonds, but a different issue date and usually a different price.Unlike treasury bills, bonds have a longer tenure and interest may be paid quarterly or bi annually.

A fall in crude oil prices and production volumes, lead to a shortfall in the Federal Government budget, hence the rapid issuance of bonds to meet its financial obligations.The DMO had earlier in the week announced the opening of a N100 billon Sukuk bond which will be closing this week.

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Here is a copy of the circular.


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Tags: Debt Management Office (DMO)FGN BondsNews Review
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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