The Debt Management Office (DMO) has announced that it will be offering N150 billion bonds for subscription in November on the federal government’s behalf.
The was disclosed in a circular released by the DMO on Thursday.
It stated that the bonds will be made up of three equal tranches valued at N50 billion each.
The first tranche is a 10-year reopening which will mature in January 2026 at the rate of 12.50%; the second is a 20-year reopening which will mature by April 2037 at the rate of 16.2499%; and the third is a 30-year reopening at the rate of 12.98%, to mature in March 2050.
The DMO stated in the circular that the date for the auction is set for November 17, 2021, while the settlement date is November 19, 2021.
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The DMO noted that the transactions will be at N1,000 per unit subject to a minimum subscription of N50,000,000 in multiples of N1,000 thereafter.
It also noted that payment of the interest can be done semi-annually, and the redemption should be in bullet payment on the maturity date.
“For Re-openings of previously issued bonds (where the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument,” the circular reads.
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