The Nigerian Exchange Limited has listed the Federal Government’s April 2023 Savings Bonds, valued at $1.08 billion. This information was provided by the NGX in its weekly report on exchange activity.
The bonds are divided into 643,204 units of $643,204,000 at 11.023 percent interest and 436,012 units of $436,012,000 at 10.032 percent interest. Whereas the first bond has a two-year term, the second has a three-year term and will mature in April 2025 or April 2026, respectively.
The bonds are priced at N1,000 per unit with a minimum subscription of N5,000 and in multiples of N1,000 afterwards, up to a maximum subscription of N50,000,000. This information comes from the Debt Management Office.
As of Monday, the DMO said that it had received 324 successful subscriptions for the two-year tenor bond and 280 for the three-year tenor bond.
The bonds are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria, according to the debt office.
FGN Savings Bond is issued on a monthly basis in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.
