The Debt Management Office (DMO) is offering Federal Government bonds for the month of May to investors.
The DMO announced on Monday on its website the two-year and three-year savings bonds offer for subscription.
Bonds are issued by governments and corporates when they want to raise money. The buyer of such bond is giving the issuer a loan — to pay back the face value of the loan on a specific date, and to pay the buyer periodic interest payments along the way.
According to the debt office, the two-year FGN bonds are due on May 12, 2023 at 7.753 per cent per annum; and the three-year FGN savings bond due on May 12, 2024 at 8.753 per cent per annum.
They opened on May 3 and are expected to close on May 7.
While the settlement date is May 12, the bonds have coupon dates of August 12, November 12, February 12 and May 12.