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What you should know about this month’s Federal Savings Bond Auction

Onome Ohwovoriole by Onome Ohwovoriole
October 9, 2017
in Markets
What you should know about this month’s Federal Savings Bond Auction

Ms Patience Oniha DG, Debt Management Office.

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Type of Investment
Fixed income investment where your capital and interest are guaranteed

Interest Rate
Interest payments are tax exempt.

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Tenor
2 years and 3 years respectively

Annual Coupon
Coupon Rate (2 – Year Savings Bond): 12.059% per annum

Coupon Rate (3 – Year Savings Bond): 13.059% per annum

Relevant Dates
Opening Date: 09 October , 2017

Closing Date: 13 October, 2017

Settlement Date: 18 October , 2017

Due Dates
2 – Year FGN Savings Bond due 18 October, 2019

3 – Year FGN Savings Bond due 18, October, 2020

Coupon/Interest Payment
Coupon will be paid quarterly (every 3 month) in arrears while the principal will be paid at maturity together with the last coupon.

Coupon Payment Date
January 18, April 18, July 18, October  18

Transfer and Custody Agent
Central Securities Clearing System (CSCS)

Settlement
Bond holders will have their holdings credited into their CSCS account

Subscription Amount
Minimum of N5,000 plus multiples of N1,000 and maximum of N50,000,000

Subscription Tenor
The offer shall be open to investors for 5 days including the day the offer is announced and the date of closure

Listing
The FGN Savings Bond will be listed and is traded on the Nigerian Stock Exchange (NSE)

Auction and Frequency of Issuance
The auction opened on Monday 09 October 2017and will close on Friday 13 October, 2017.

Collateral
Can be used as collateral to access loans from banks

Safety
The FGN Savings Bond is backed by the full faith of the Federal Government

Subscription Mode
Investors are to subscribe through Stockbroking firms accredited by the DMO to act as Distribution Agents (DAs).


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Tags: Debt Management Office (DMO)FGN Savings BondOctober Savings BondQuickTakes
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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