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The Debt Administration Workplace (DMO) has introduced that it has opened provides for subscriptions for the two-year and three-year tenure of Federal Authorities of Nigeria bonds at 11.031% and 12.031% respectively every year.
The disclosure was made through a round on the web site of the DMO at the moment.
In line with the assertion, the supply of subscription will final for 4 days- between the 4th and eighth of September 2023.
The bonds are due on September 13, 2025, for the two-year bonds and September 13, 2026, for the three-year bonds.
The assertion reads,
- “Beneath the Debt Administration Workplace (Institution) Act 2003 and the Native Loans (Registered Inventory and Securities) Act, CAP. L17, LFN 2004 DEBT MANAGEMENT OFFICE on behalf of the FEDERAL GOVERNMENT OF NIGERIA Affords for Subscription and is allowed to obtain functions for the Federal Authorities of Nigeria saving bonds.”
Rate of interest and tenure of bonds
The rate of interest for the two-year tenure stands at 11.031% every year whereas that of the three-year tenure is 12.031%.
The assertion from the workplace additionally offers the settlement date for each provides on September 13, 2023, and the coupon cost dates are December 13, March 13, June 13, and September 13. Pursuits on these bonds are paid quarterly.
Models of Subscription
In line with the DMO, the models of subscription are as follows;
- “N1,000 per unit topic to a minimal Subscription of N5,000 and in multiples of N1,000 thereafter, topic to a most subscription of N50,000,000.”
traders are to contact inventory brokerage companies listed as brokers by the Debt Administration Workplace (DMO) and the bonds are listed on the NGX.
FGN bonds are backed by the federal authorities of Nigeria.
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